The Magnetic Strip on your back of your credit card contains customer and account information required for the chip and pin machines to complete the transaction.
A POS is a Point Of Sale, which is a credit card terminal, electronic cash register or chip and pin machine.
A Pin is called a Personal Identification Number.
A PIN is usually a sequence of digits used to verify the identity of the holder, its a password, most people use a birthdate or favorite numbers.
A credit card chargeback is where a transaction is maybe fraudulent or its a transaction that is being disputed by the credit card holder.
A Cash Back credit card returns a percentage of your total amount spent on your credit card over a certian period back to you.
The Cash Back period is usually monthly or quarterly.
A Card Holder is an individual to whom a card has been issued to and who is authorised to use the credit card.
A Card Issuer is a credit card company, financial institution, bank, credit union that issues you with a credit card.
A BIN number means Bank identification number, which means the first six digits of your VISA or Mastercard.
The number is used to identify the credit card company issuing the credit card.
A balance transfer is the process of moving an unpaid credit card debt from one issuer to another.
Most transfers can be done over the telephone or the credit card company provide cheques which you can send to your old credit card company.
A credit card authorisation is where a retailer has a purchase limit for high ticket items where they seek authorisation from the credit card company before they complete the sale. Every retailer has a different limit when requesting authorisation.
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