Posts in Category: glossary

Network Branded Prepaid Cards

Network branded prepaid debit cards are one type of prepaid debit card. Network branded cards carry the logo of a payment card network such as Visa, MasterCard, Discover or American Express.
These payment cards allow you to spend up to the total amount of money you

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Fair Credit Reporting Act

The U.S. Fair Credit Reporting Act is a Federal Law that seeks to achieve fair, timely and accurate reporting of credit information by regulating the activities of credit bureaus, limiting access to credit bureau information, and requiring that creditors disclose certain information regarding their use of credit bureau or third

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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

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Interchange fee

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

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PIN Debit Transactions

When you read the cardholder terms and conditions for different prepaid debit card products (you do read them, don’t you?), you’ll see that there are two kinds of point of sale transactions you can use a prepaid debit card for: “signature debit” transactions, and “PIN debit” transactions.

Here’s what a “PIN

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Posted Transactions

A term that frequently is used when reviewing the terms of a prepaid debit card is: “Posted Transactions”. Here’s what a “posted transaction” is (and why you should understand the term).

A posted transaction is a transaction that has not yet been processed or posted, and include credits, debits,

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Rebate Card

A rebate card is a prepaid debit card that is issued by a manufacturer or retailer and loaded with funds associated with a product or service rebate.

Retailers issued $4.24 billion in rebates on rebate cards in 2008, according to Mercator, a market research consulting firm for the prepaid card

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