Credit Card Glossary

Credit card

A credit card is a plastic card with a specific magnetic code; used by cardholders to make
purchases and withdraw money when needed.
Every credit card carries the cardholder's first and last name, his account number and in
some cases other information.
There are various types of credit cards, such as: club members, international credit cards,
basic, silver, gold, platinum, etc.
The payments for the purchases can be paid in parts or fully at the end of a predetermined
period of time.

A credit card may also be used to withdraw cash in automatic ATM machines.

The amount a cardholder may use the credit card for is limited a line of credit authorized
and extended by the financial group that issued the card such as a credit card company or a bank.

The amount is determined based on the income of the cardholder and his or her financial history.
The credit card history is a review of the cardholder's financial life. It contains information
such as whether you pay your bills on time, etc.
This report allows credit card companies, mortgage companies and other potential lenders to
review your credit history and decide accordingly how much money they are willing to lend
you.
A good credit history can allow the cardholder to not only make small purchases, but also
to be approved to buy an expensive vehicle or a house.

A credit card is charged with an interest that is subject to the credit card agreement
between the cardholder and the authorizing institute.

Debit card

A debit card is a plastic card which allows the cardholder to pay for his or her
purchases in an alternative way other than cash.

The purchases are paid for directly from the cardholder's bank account, usually a
checking account or a savings account.
In order to use the debit card to make a purchase, the card is scanned by a card
reader or another verifying machine. To maintain the security of a debit card, it
includes a Personal Identification Number (PIN).

The client's purchasing amount is approved prior to the transaction.

A debit card can be used to make purchases as well as to withdraw cash. Some
establishments allow the cardholder to make a purchase and withdraw cash at the
same time.

Despite the fact that credit cards are in common use, debit cards have become
extremely popular and in some countries even replace the use of cash or checks.
One of the common uses of a debit card is when making Internet or phone
purchases.

Visa credit card

Visa credit card is a plastic card with the Visa logo, which allows the cardholder to
perform various actions such as purchase goods, pay for services and bills as well as
withdraw cash (at more than 840,000 ATM machines around the world).
The Visa credit card is issued by the financial institutions or by banks that are authorized
to issue the cards for their customers.
In 1958, the first Visa credit card was issued the first credit card program.
The Visa credit card is the number one credit card used by people worldwide. Visa
cardholders are welcome in more than 150 countries and online shops via Internet
merchants.
Visa offers all kinds of credit cards for different people and purposes. Examples: Visa
classic, Visa platinum, Visa secured, Visa signature, Visa gold, and reward cards.
Visa offers its customers three significant types of credit cards:

Visa credit cards – purchases and withdraws are paid monthly with interest.

Visa debit cards – purchases and withdraws are paid directly from a savings
or checking account.

Visa prepaid cards – purchases and withdraws are paid from a cash

account. Visa cards are opening a world of choices for its cardholders:
It enables cardholders to pay for purchases, travel, taxes and bills, give a Visa gift
card to a friend and even donate money to charity.
There are special Visa cards for students, small businesses, mid-size companies,
large corporations and government credit cards.
Cardholders are able to spend money online with the Visa credit card. The card is
accepted by most merchants on the net.
Visa customers are enjoying special discounts and earning points for their use of the
card. Visa credit card payments are protected by the highest security available today.
The credit card itself is protected by chips with encrypted information and special
features that make it difficult to commit fraud.
In addition, all the money transfers, the cash withdrawals and Visa payments on the
Internet, are all protected by the most advanced security technology available today.

Prepaid credit card

The prepaid credit card is a bankcard that provides the option of making purchases
and withdrawing cash from a certain amount that you previously deposited to your account
(no minimum balance requirements).
You can use some of it or all of it at once, limited to the amount deposited into the
account in advance. It can be used for online shopping, for paying various kinds of
bills, withdrawing cash from ATM machines both locally and internationally,
transferring money, etc.

The prepaid credit card enables people to have stricter control over their budget.
To order a prepaid credit card doesn't involve a credit history check. Anyone can
have it (as long as they deposit the money to their account).

The prepaid credit card is very popular in the United States and is now taking its
share of the UK credit card market as well.

The prepaid card can easily replace carrying cash, with one advantage, which is a
monthly detailed credit statement of your expenses including when and where the
card was used.

Money transfer

Money transfer is an easy, reliable way to wire money to and from companies or
people worldwide.

The money is sent at fair prices in countries all across the globe using the
phone or the Internet. Online transfers can be made any day and any time.

Money transfer via credit card is done in three ways:

Credit card to credit card

Credit card to cash

Credit card to email.

Cardholders of leading credit card companies (who have cards from a credit card
company or the bank), may use their credit cards to make money transfers from one
cardholder to another.

In these cases the money is transferred straight to the recipient's credit card
and can be used for purchases or to withdraw cash immediately.
The money transaction is easy and safe, and is done with outmost attention to
maintain the security of the customers' personal information.

The customer can track the money transfer via a website. Credit card companies
make trillions of transactions every year.

Cardholders who wish to make money transfers are requested only to indicate the
amount they wish to transfer and the recipient's credit card number. If, however, the
cardholder does not have those details, the money transfer will still be carried out
with the only name and email address of the recipient.

Online wallet

An online wallet is a web service that enables users to maintain financial information
about their online shopping, such as credit card details, shipping addresses, billing
addresses, passwords, etc - all in one secure database.

The online wallet makes online purchases more secure, faster and easier than
before.

The main benefits of the online wallet:
The primary benefit of the online wallet is that the user can pay for his or her purchases
without hesitating about disclosing the credit card number.
Paying with the online wallet takes less time than with a credit card and it is more
secure.
The online wallet is accepted at millions of local and international online merchants
and users are usually entitled to special offers and discounts in specific online
shops.

Secured credit card

A secured credit card is an alternative payment option, based on the savings of the
cardholder.

The cardholder allows the bank (or the credit card company) to deduct payments in
case he or she fails to pay for the purchase.
In order to keep a secured credit card, the cardholder should first and foremost have
a savings account to ensure they have an amount as high as the credit line they were
approved for in their bank account.

For the security of retailers and online merchants, this amount is kept in a separate
account from the cardholder's other accounts. He is entitled to use the card up to the
limit in the deposit account.

Secured credit card users receive a plastic card as with other types of credit cards.
Secured credit cards are usually issued for people who have a problematic credit
history or that they may have difficulties in making their credit card payments.
However, it is a way to reestablish the cardholder's credit history.

Secured credit card amounts may range from hundreds and up to several thousands
of dollars. There is an annual fee.

Anonymous credit card

The anonymous credit card is a credit card for online shopping, with no name or ID
on it.

The anonymous credit card is requested by people who are looking for an
opportunity to shop privately on the web or make transactions online.

This card is issued by a financial institute that allows you to use any kind of name on the credit
card. The only thing that interests the financial institute is the credit card number, its
expiration date and whether the cardholder's balance covers the purchases made with
the anonymous credit card.

The cardholder will pay for the amounts charged to the anonymous credit card each
month.

Other than that, no one knows your name or your address. You don't receive printed
statement at home, and no one can actually trace your purchases online.
You can choose to use different names for every card or the same name (any name)
and your transactions will still be safe and private.
Issued online by a secure site or email. There is an annual fee that varies
from card to card (depends on the financial institute).

The card number will contain additional information like the expiration date
and an explanation of how to load and reload your anonymous card.

Virtual credit card

A virtual credit card is a way for people to make purchases online, without risking
themselves with frauds.
The virtual card enables the cardholder to avoid giving details of an active credit card
online (credit card number, billing address, shipping address, etc).

Financial information about the cardholder's balance and credit history are accessible
in a click of a button via a secured online site.

Purchases made abroad with virtual credit card will be charged in the local currency.

The virtual credit card's main advantages are : The cardholder can buy anywhere online, there is no monthly fee to the credit card
company, it can be used to pay online tuition for academic institutes, it's good for
purchases worldwide and the cardholder doesn't have to have a bank account.