What is a payment card issued to users as a system of payment?
100
Authorization
The cardholder presents the card as payment to the merchant and the merchant submits the transaction to the acquirer (acquiring bank).
100
Student Credit Cards
What is specifically designed for college students with the understanding that these young adults often have little or no credit history
100
Cardholder
What is the holder of the card used to make a purchase; the consumer
100
1946
When was the first credit card invented?
200
Cash Advance
Allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit.
200
Funding
Once the acquirer has been paid, the acquirer pays the merchant.
200
Pre-paid cards
Cards require the cardholder to load money onto the card before the card can be used.
200
Card-issuing bank
What is the financial institution or other organization that issued the credit card to the cardholder?
200
-Use it to stay on top of your day-to-day spending
-Use it to build your credit history
-Use it to save money
-Use it to get rewards
-Use it for peace of mind when traveling
What are benefits of credit cards?
300
Line Of Credit
What is credit source extended to a government, business or individual by a bank or other financial institution?
300
Clearing and Settlement
The acquirer sends the batch transactions through the credit card association, which debits the issuers for payment and credits the acquirer. Essentially, the issuer pays the acquirer for the transaction.
300
Secured Credit Cards
require a security deposit to be placed on the card. The credit limit on a secured credit card is typically equal to the deposit made on the card, but it could be more in some cases. You're still expected to make monthly payments
300
Merchant
What is the individual or business accepting credit card payments for products or services sold to the cardholder?
300
Credit card fraud law establishes criminal penalties for the deceptive or unauthorized use of another person’s credit card account in an attempt to steal money, goods, or services.
What is Credit Card Fraud Law?
400
Revolving Account
What is an account created by a lender to represent debts where the outstanding balance does not have to be paid in full every month by the borrower to the lender?
400
Batches
Authorized transactions are stored in ___, which are sent to the acquirer.
400
Rewards Credit Cards
are those that offer rewards on credit card purchases. There are three basic types of rewards cards: cashback, points, and travel.
400
Transaction Network
What is the system that implements the mechanics of the electronic transactions? May be operated by an independent company, and one company may operate multiple networks.
400
$15,611
What is the average U.S. householder consumer's credit card debt?
500
Charge Card
What is a card that provides a payment method enabling the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obligated to repay the debt to the card issuer in full by the due date.
500
Chargeback
What is an event in which money in a merchant account is held due to a dispute relating to the transaction?
500
Subprime credit cards
These credit cards are geared toward applicants who have a bad credit history and typically have high interest rates and fees.
500
Acquiring Bank
What is the financial institution accepting payment for the products or services on behalf of the merchant?