GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Credit Card Terms

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American Express Company — Secured Credit Card
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American Express Company (AMEX, AXP)Company
A corporation known for its credit card business.
atm card feeDefinition (Financial-banking)
This is not a debit card fee. It can be an annual or monthly fee charged on top of individual account fees to obtain an ATM card. The fee may also be charged per card or per account. For example, if an account is held jointly, the bank may charge for the second person to hold a card or it may charge one fee for all the cards on an account.
automatic credit card billing (ACCB)Acronym
automatic credit card payment (ACCP)Acronym
average daily balance (ADB)Definition (Financial-banking)
This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day's balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card's monthly periodic rate, which is calculated by dividing the annual percentage rate by 12.
balance transfer facility (BTF)Acronym
brand credit card (BCC)Acronym
card holder agreementDefinition (Financial-banking, Legal-contracts)
A written agreement or contract between a credit card holder and the credit issuer that details the terms and conditions of a credit card account. This agreement must include the Annual Percentage Rate, the monthly minimum payment formula, the annual fee if applicable, and the cardholder's rights in billing disputes. Changes to the agreement can be made at any time by the issuer with prior written notice.
card identification number (CID)Acronym
  ➥  Also known as Card Security Code (CSC).
card security code (CSC)Acronym
This is typically a three digit code found on the back of most major credit cards. It is primarily used as an extra security measure when a Cardholder Not Present (CPN) transaction is made.
  ➥  Also referred to as a Card Verification Value (CVV) or Card Verification Code (CVC).
Card Services for Credit Unions (CSCU)Bank, United States
  ➥  Largest credit union card processing association in the US.
card validation code (CVC2)Acronym
  ➥  Mechanism for credit card fraud prevention.
card verification code (CVC)Acronym
card verification number (CVN)Acronym
card verification value (CVV, CVV2)Acronym
cardholder not present (CNP)Acronym
Refers to a transaction in which a merchant does not see the actual credit card. Examples include credit card payments by mail, facsimile, telephone, mobile device or computer over the Internet where the cardholder and credit card are not physically present at the point of sale.
  ➥  Credit card code also referred to as "Card Not Present."
Carte Blanche (CB)Acronym
  ➥  A brand of credit card.
Citi Commerce Solutions of Canada (CCSC)Company, Canada
  ➥  Provides credit card services to retail merchants and is a subsidiary of Associates Financial Services of Canada.
classic cardDefinition (Financial-banking)
Brand name for the standard card issued by VISA.
co-branded cardDefinition (Financial-banking)
A type of affinity card issued through a partnership or alliance between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usually, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affiliated with airlines that offer air miles -- are popular enough to command a hefty annual fee.
credit card (CC)Definition (Financial-banking)
A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
  ➥  A payment card that gives customers access to a revolving line of credit.
credit card application (CCA)Acronym
credit card application processing system (CCAPS)Acronym
credit card fraud detection (CCFD)Acronym
credit card identification (CCID)Acronym
credit card management system (CCMS)Acronym
credit card master note trust (CCMNT)Acronym
credit card number (CCN)Acronym
credit card purchase (CCP)Acronym
credit card receivables (CCR)Acronym
credit card security code (CCSC)Acronym
credit card verification (CCV)Acronym
credit card verification system (CCVS)Acronym
customer not present (CNP)Acronym
  ➥  More commonly known as Cardholder Not Present (CNP).
Diners Club (D, DC)Acronym & Abbreviation
Discover (DISC, DS)Acronym
dynamic currency conversion (DCC)Acronym
A financial service that converts a purchase payment amount into a cardholder's local currency when using a credit card in a foreign country.
  ➥  Also known as Cardholder Preferred Currency (CPC).
general purpose reloadable (GPR)Acronym
  ➥  Prepaid debit card.
Glacier Credit Card Trust (GCCT)Canada
issuer identification number (IIN)Acronym
  ➥  International numbering system for the identification of credit card issuers.
major credit card (MCC)Acronym
master credit card trust (MCCT)Acronym
MasterCard (MC)Definition (Financial-banking)
A credit card issued by MasterCard International which is distributed by many financial institutions around the world. Card holders borrow money against a credit line and pay it back with interest if the balance is carried over from month to month.
merchant category code (MCC)Acronym
over limit fee (OLF)Acronym
  ➥  Secured Visa fee.
payment application best practices (PABP)Acronym
personal identification number (PIN)Definition (Financial-banking)
A unique, confidential number or pass code, usually consisting of four to six digits, entered by a customer when using an Automated Teller Machine (ATM) or Interac Direct Payment, that gives the customer access to his or her account.
purchased credit card relationships (PCCR)Acronym
residual retail finance charge (RRFC)Acronym
secured credit cardDefinition (Financial-banking)
A credit card that a cardholder secures with a savings deposit to ensure payment of the outstanding balance if the cardholder defaults on payments. It is used by people new to credit, or people trying to rebuild their poor credit ratings.
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American Express Company — Secured Credit Card
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