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Home Dictionary R Recurring Billing Recurring billing occurs when a business automatically deducts a customer’s payment on a regular basis. Any product or service that a customer subscribes to with recurring scheduled payments could be a good candidate for recurring billing. Business providers may require recurring billing, and some vendors may provide discounts when using recurring billing. Recurring billing is beneficial for business providers as it reduces the risk of receivables. For customers, periodic billing can also save them time; they only need to register and provide their payment information once. American Express Card
September 25, 2022 American Express cards are issued by American Express, a publicly traded financial services company, and are payment cards, credit cards, or prepaid cards. Average Daily Balance Method
September 25, 2022 Interest is calculated using the total amount due at the end of each day. Average Outstanding Balance
September 25, 2022 The average outstanding balance refers to the unpaid portion of any term, installment, revolving or credit card debt that earns interest over a specified period of time. Bank Identification Number
September 25, 2022 Bank identification number is the first four to six digits that appear on payment cards. Credit Card
September 25, 2022 Credit cards are plastic or metal cards used to pay for goods or services using credit. Credit Card Balance
September 25, 2022 Your credit card balance is the total amount of money you currently owe on your credit card. Gift Card
September 25, 2022 A gift card is a prepaid debit card with a specified amount that can then be used to make purchases and other financial transactions. Issuer Identification Numbers (IIN)
September 25, 2022 Issuer identification numbers (IINs) indicate which company issued the credit or debit card. Late Fee
September 25, 2022 A late payment fee is a fee charged to a consumer who fails to make a payment on a debt or other financial obligation by the due date. Luhn Algorithm
September 25, 2022 Luhn’s algorithm is a mathematical formula developed in the late 1950s. MasterCard
September 25, 2022 Mastercard is a payment network processor. Merchant Discount Rate
September 25, 2022 Merchant discount rate is charged to merchants for processing debit and credit card transactions. Minimum Monthly Payment
September 25, 2022 The minimum monthly payment is the smallest amount of money a borrower can pay on a revolving credit account each month and still be in good standing with the credit card company. Over-Limit Fee
September 25, 2022 An over limit fee is a penalty charged to credit card customers who violate their credit limits. Purchase Annual Percentage Rate (APR)
September 25, 2022 The annual interest rate on a credit card is the annual interest rate that is applied monthly, i.e. the monthly amount charged on the account is one twelfth of the annual annual interest rate. Reference Number
September 25, 2022 Reference numbers are identifiers (a group of random numbers and/or letters) assigned to credit or debit transactions. Returned Payment Fee
September 25, 2022 A chargeback fee is a fee charged if a consumer refuses to pay. Universal Default
September 25, 2022 Universal default is a provision found in some credit card contracts. Upfront Pricing
September 25, 2022 The term upfront pricing refers to the interest rates and limits set for the borrower based on the underwriting and issuance of the credit card. Validation Code
September 25, 2022 The verification code is one of the security measures used to prevent credit card fraud. Visa Card
September 25, 2022 Visa cards are payment cards that use the Visa network. Void Transaction
September 25, 2022 An invalid transaction is a transaction that is voided before it is paid through the consumer’s debit or credit card account. Zero Balance Card
September 25, 2022 A zero balance card is a credit card with no outstanding balance. Zero Liability Policy
September 25, 2022 Most credit cards come with a zero liability policy that exempts their cardholders from liability for losses due to fraud. Zero Percent
September 25, 2022 Zero Interest Financing is an incentive offered to retailers who wish to sell products that would otherwise be out of reach for most consumers.