“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
“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
A reloadable debit card is a prepaid debit card that can be reloaded with value after it is issued.
Reloadable debit cards are typically network branded reloadable cards issued by a bank that allow you to reload funds onto the card. Gift cards are often
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
“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”)
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
“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
Stored value cards are payment cards that store (or are able to access) value. Stored value cards may be disposable or reloadable. Prepaid debit cards, gift cards, and teen debit cards are examples of stored value cards.
Disposable stored value cards
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
An interchange fee, also called the discount rate, is the sum paid by a merchant to a payment card processor (either debit card or credit card) as a fee for accepting a credit card or debit card. The amount of the rate will vary, typically between 1 percent and 3