Account Number A unique sequence of numbers assigned to a cardholder account, which identifies the Issuing financial institution and type of card. Acquiring financial institution Merchants must maintain an account with an acquiring financial institution to receive credit for credit card transactions. Daily credit card totals are deposited into the merchant's bank account minus any fees. Also called as acquirer.
Adjusted balance A method used by some card issuers in which they subtract all payments made during the month, then add the finance charges.
Affinity card A card offered by anizations, one a lending institution, the other a non-financial group. Schools, non-profit groups, pro wrestlers, popular singers and airlines are among those featured on affinity cards. Usually, use of the card entitles holders to special discounts or deals from the non-financial group. See also co-branded cards. Air miles One of the most popular rewards issued by airline-affilliated co-branded cards. Air miles are earned with every use of the card, and then transfered monthly to the cardholder's account with that airline. Annual fee A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit e without an annual fee. Annual Percentage Rate (APR) The interest rate reflecting the total yearly cost of the interest on a loan, expressed as a percentage rate. Under the federal Truth in Lending Act, it must be calculated in a standard way to allow consumers to make 'apples to apples' comparisons of lending terms. Arbitration
The procedure used to determine the responsibility for a chargeback related dispute between two members. Authorization Approval, by or on behalf of the card issuer, plete a transaction for a merchant or another affiliate. Authorization Center Facility established to authorize both cash advances and merchant sales exceeding established fl
