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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Debit Cards Terms

affinity cardDefinition (Financial-banking)
A credit card (usually Visa or MasterCard) that has a promotion arrangement with an affiliated organization (often a charity or non-profit group). The logo of the group appears on the card and the group usually gets a percentage of the sales made on the card.
atm card feeDefinition (Financial-banking)
This is not a debit card fee. It can be an annual or monthly fee charged on top of individual account fees to obtain an ATM card. The fee may also be charged per card or per account. For example, if an account is held jointly, the bank may charge for the second person to hold a card or it may charge one fee for all the cards on an account.
card holder agreementDefinition (Financial-banking, Legal-contracts)
A written agreement or contract between a credit card holder and the credit issuer that details the terms and conditions of a credit card account. This agreement must include the Annual Percentage Rate, the monthly minimum payment formula, the annual fee if applicable, and the cardholder's rights in billing disputes. Changes to the agreement can be made at any time by the issuer with prior written notice.
co-branded cardDefinition (Financial-banking)
A type of affinity card issued through a partnership or alliance between a bank and another retail company. For instance, a large department store may co-brand a card with a bank. The card would have two brand names on it -- the bank's name and the store's name. Usually, the attraction of the card is special deals with the retail partner. Many -- particularly the ones affiliated with airlines that offer air miles -- are popular enough to command a hefty annual fee.
debit card (DC)Definition (Financial-banking)
A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
electronic debit card (EDC)Acronym
general purpose reloadable (GPR)Acronym
  ➥  Prepaid debit card.
Interac Direct Payment (IDP)Definition (Financial-banking)
A method of paying for goods and services electronically with the funds taken immediately and directly from your bank account and transferred directly into the merchant's account. You use your banking card to do this.
offline debit cardDefinition (Financial-banking)
A card with traits from both ATM cards and credit cards (usually VISA or MasterCard). Banks issue this type of card either instead of or in addition to an ATM card. The card can be used anywhere the VISA or MasterCard logo is displayed, but a line of credit is not accessed -- the customer's chequing account is debited. It is "offline" because the account is not directly accessed -- there is a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to complete the transaction, it is offline. In the Canada, a Personal Identification Number (PIN) may be required to use an offline debit card.
online debit cardDefinition (Financial-banking)
A method of payment in the form of a card that immediately deducts funds from a person's bank account when used. The card may have a VISA or MasterCard logo on it, or just the name of the bank that issued the card, similar to an ATM card.
personal identification number (PIN)Definition (Financial-banking)
A unique, confidential number or pass code, usually consisting of four to six digits, entered by a customer when using an Automated Teller Machine (ATM) or Interac Direct Payment, that gives the customer access to his or her account.
smart cardDefinition (Financial-banking)
A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.
stored value (STV)Acronym
visa smart debit card (VSDC)Acronym

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