C problems validating a credit card
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Acquiring financial institution-- An acquiring financial institution is a bank that processes and settles a merchant's daily credit card transactions, and then in turn settles those transactions with the card issuer/association.
We have put together a glossary to help you better understand commonly used words, phrases, and acronyms in the credit card industry.
Affinity card-- A credit card offered in conjunction with two organizations, one a card issuer and the other a non-financial group with which consumers have an affinity.
Universities, sports franchises and non-profit organizations are examples of affinity groups that often offer special discounts or deals for using their credit cards issued in partnership with a major bank.
Adjusted balance-- The method by which many issuers subtract payments during the month made on a credit card account along with adding finance charges incurred.
Additional cardholder-- When you have a credit card, it is often possible to add an additional card to the account for use by someone else.
Annual Fee- An annual (yearly) fee associated with having a credit card.
This is a separate fee from interest rate on purchases.Annual Percentage Rate (APR)- The yearly percentage rate charged when a balance is held on a credit card.This rate is applied each month that an outstanding balance is present.Account number -- A unique number assigned by a financial institution to a credit card customer.On a credit card, this number is embossed and encoded on the face of the plastic.Balance Transfer-- When the outstanding balance of one credit card (or several credit cards) is moved to another credit card account.