| Statement - Statement, when used in the context of | | | | that VISA will include in the transactional authorization |
| credit cards refers to a written record prepared by a | | | | response that they issue when a transaction exceeds |
| credit card company that is usually issued monthly. | | | | the floor limit. |
| This will list all transactions and debits/credits that | | | | Variable Interest Rate - Variable interest rates vary |
| affect a customer's account. Customers should | | | | with economic forces, and will often be a certain |
| ensure that they check their statement in detail so | | | | percentage above inflation. This form of APR |
| that they can raise any issues whilst they can | | | | calculation is also known as floating rate or floating |
| remember their transactions from a given month, | | | | interest rate. |
| whilst it is also the case that refunds are generally | | | | VISA - Visa is a credit card company that along with |
| only provided when they fall within a certain period | | | | MasterCard is amongst the biggest in the world. Visa |
| of time. | | | | is a trading name of Visa International Service |
| Transaction - The exchange of monies in return for | | | | Association. |
| goods or services. | | | | Visa Card - A Visa Card is the credit card given to |
| Transaction Identifier -This is specific to VISA and | | | | customers of visa which is by definition a credit card |
| refers to the technology they use to trace and audit | | | | or can also be a debit card in the case of |
| transactions throughout the lifecycle of the | | | | collaboration between Visa and a bank. |
| transaction process. | | | | Visa Issuer - A company that is given distribution |
| Unsecured Credit Cards - Unsecured credit cards are | | | | rights by Visa in relation to credit cards. |
| not secured by collateral or customers assets. To | | | | Visa Merchant - A merchant that accepts payments |
| qualify for such a card customers will normally have | | | | via Visa credit cards is a Visa Merchant. |
| strong earning potential, have high earnings, earnings | | | | Voice Authorization - This is the approval process |
| that outweigh expenditure, a lack of current | | | | response that indicated whether or not a transaction |
| payment obligations, and a strong credit history. | | | | can go ahead when it exceeds the floor limit. |
| User Authentication -This is the process through | | | | Void Transaction - Where a transaction is not |
| which a merchant/merchant bank will check, or follow | | | | processed. |
| procedures that increase, the chances that a person | | | | Void - Where by a transaction is nullified and brought |
| is whom they say they are. | | | | out of settlement. |
| Validation Code - Validation code is a 4 digit amount | | | | |