Posts in Category: glossary

Social Security Number

A “Social Security Number” is a unique nine-digit number issued to U.S. citizens, permanent residents, and temporary residents of the United States. The Social Security Number (also referred to as an “SSN”) is issued to people in the United States by the Social Security Administration, and is used to

Read More

Virtual Debit Card

A virtual debit card is a debit card that is issued (or usable) without a corresponding plastic card. The funds associated with the card can be accessed without use of a plastic card.

Virtual debit cards (and their cousins, virtual credit cards) are simply card numbers that are issued

Read More

Zero Liability

“Zero liability” is a term used by Visa to describe a U.S. card program that applies to certain U.S. transactions conducted using Visa prepaid debit cards. Visa’s Zero Liability policy is a guarantee that you won’t be held responsible for fraudulent charges made with your prepaid debit Visa card

Read More

Equal Credit Opportunity Act

The Equal Credit Opportunity Act is a U.S. law that requires that U.S. financial institutions and other creditors make credit equally available to all creditworthy customers without regard to race, color, religion, national origin, sex, marital status or age. For example, a creditor cannot ask you to reapply, close your

Read More

Verified by Visa

“Verified by Visa” refers to a program operated by Visa which is a free, simple-to-use service that confirms your identity with an extra password when you make an online transaction using your prepaid debit Visa card. To use the service, you need to register your card (you can do

Read More

Universal Prepaid Debit Cards

“Universal” prepaid debit cards are also known as “network branded” or “open loop” prepaid debit cards. These are cards that are accepted at most merchants. The cards are typically branded with the Visa, MasterCard, American Express, or Discover brands which allows them to be used at any merchant

Read More

Skimming

Skimming refers to the replication or copying of account information from the magnetic stripe of a credit or debit card (including a prepaid debit card) for use in making fraudulent transactions.
Skimming of magnetic stripe information from prepaid debit cards, credit cards, and other payment cards allows thieves

Read More

Prepaid Credit Card

“Prepaid credit card” is a term that sometimes is (wrongly) used to refer to a prepaid debit card. A “prepaid credit card” is also known as a “secured credit card” – a card that extends minimal “credit” based on an amount of funds you deposit (as “security”)

Read More