Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
2% - Infrequently


Synonyms:charge card, credit card, plastic
Acronyms &
Filed Under: financial-banking
Tags: credit card

Definition of MasterCard (MC)

MasterCard (MC)
1. A credit card issued by MasterCard International which is distributed by many financial institutions around the world. Card holders use the card to borrow money against a credit line. The funds must be repaid and interest is charged if a balance is carried from month to month.

Related Terms and Acronyms:

  • American Express Company (AMEX, AXP)   A corporation known for its credit card business.
  • card holder agreement   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.
  • classic card   Brand name for the standard card issued by VISA.
  • rebate card   This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.
  • standard card   The basic card offered by issuers. Customers with higher incomes and good credit reports can qualify for the higher-limit gold and platinum cards.
  • Visa (V)   A type of credit card that is distributed by financial institutions around the world. A VISA card holder borrows money against a credit line and repays that money with interest if a balance is carried over from month to month.
      ➥  A brand of credit card.

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