A charge card is a credit card that requires the cardholder to pay the balance in full each month. There is no set credit limit, and the cardholder is responsible for paying any charges that exceed their spending limit. Charge cards are often used by people who want to avoid interest charges and carry a … Read more
A credit card block is a restriction placed on a credit card account that prevents the cardholder from using the card for certain types of transactions. Credit card blocks are typically placed on accounts that have been flagged for suspicious activity or that are delinquent in payments. How do you unblock a blocked credit card? … Read more
A transactor is a person who completes a transaction, especially a financial transaction. What are the three types of credit card users? There are three primary types of credit card users: those who pay their balance in full each month, those who carry a balance and make monthly payments, and those who use their credit … Read more
A co-branded credit card is a credit card that is issued by a financial institution in partnership with a merchant or another brand. The cardholder earns rewards from both the financial institution and the merchant/brand when they use the card. Co-branded cards are usually associated with a specific loyalty program, such as airline miles or … Read more
A sales draft is a document that is created when a customer makes a purchase using a credit card. The sales draft includes the customer’s name, the date of the purchase, the amount of the purchase, and the credit card number. The sales draft is then sent to the credit card company for payment. How … Read more
The average daily balance method is a way of calculating interest charges on a credit card. It is calculated by taking the average of the balance of the account over the course of a billing cycle. This method is typically used by credit card companies to calculate interest charges, and is the method that is … Read more
The standard floor limit is the maximum amount per transaction that can be processed without requiring a PIN or other authentication. This limit is typically set by the card issuer, and may be different for physical locations vs. online transactions. What is a credit card floor? A credit card floor is the lowest credit card … Read more
A private label credit card is a credit card that is issued by a retailer and can only be used at that retailer. Private label credit cards usually have special benefits for cardholders, such as discounts or rewards. How do co-branded cards make money? There are a few ways that co-branded cards make money. The … Read more
IINs, or Issuer Identification Numbers, are the first six digits of a credit card number. They are used to identify the card issuer, and they can tell us a lot about a credit card. For example, IINs can tell us the card type, the card issuer, and the country of origin. IINs can be used … Read more
A “Knuckle-Buster” is a term used to describe a credit card which is difficult to use because it is very thin and has a lot of small print. This type of credit card is often used by businesses and is not very user-friendly. Who invented swiping machine? The first charge card was introduced by Diner’s … Read more
