Glossary of Credit Card Terms
Below is a list of credit card and credit industry terms which can assist with reading credit card statements as well as the fine print on credit related documents.
- Variable Interest Rate
- A variable interest rate is an interest rate that fluctuates over time. These rates are pegged to prime rates. The prime rate is determined by the federal reserve and the variable interest rate will follow the prime rate when it fluctuates. Your variable interest rate will be the prime rate plus a certain amount.
- Visa is a processor of transactions, either debit or credit, through its payments network. It has more than 13,300 institutions and about 520 million cards that it provides to customers.
- Visa Issuer
- A visa issuer is responsible for issuing a credit or debit card to an individual.
- A void is a way to terminate a transaction and nullify it. It will no longer be settled and will be removed.
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