Summary of Credit Card Terms - Part 6 (r-s)

Receipt - When used in the context of credit cardrather than services, whilst operating in the consumer
receipt means a document that provides a record ofretail sector, and processing card present, as a pose
a transaction that took place at a point of sale, andto card not present transactions.
may also refer to a printable copy for a card notSales Draft - A hard copy that offers evidence that
present transaction. This will include transactionalgoods/services were purchased by the cardholder.
details, details of the buyer. The date, amount and aSecured Credit Cards - Secured credit cards are
reference number will also be present.credit cards where by a persons or businesses
Recurring Bill - This refers to a transaction where byassets are directly transferable should they fail to
the merchant is granted permission by the cardhonour payment schedules that are put in place. This
holder, to periodically charge their credit card or debitis generally where a person has a poor credit history
card for service or goods that they will render on aor fail to pass a credit check or pose too much of a
monthly or perhaps a yearly basis.risk to a financial organization to be given credit
Reference Number - This is a number that is assignedterms. Assets can be in the form of shares in a
to every transaction for the purpose of beingbusiness, a home or a car for example.
identifiable to the buyer, the merchant bank, theService Charge - This is charge that can be a
merchant and potentially other stakeholders that arecomponent of financial organizations pricing. This is
party to the transaction. This will be printed in agenerally a fixed one-time fee rather than a yearly or
monthly statement, allowing a credit card holder tomonthly cost. Many argue that a service charge can
easily distinguish between transactions should theyresult in lower costs in the long-term, because you
wish to, or have cause to raise issues.are not asked to burden this cost accumulatively
Refund - When a credit card or debit card holder hasSettlement - Settlement, when used in the context
funds credited to their account, which can be a resultof credit cards, refers to the activity of buying and
of an error, a return or any other factor that resultsselling, that occurs within the market place for
in their account being credited to provide a return totransactions with credit cards. Acquirers, merchants,
status quo.card-issuing companies and processors all play a role.
Retail Merchant - A merchant that provides goods