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Glossary

The following terms, organised alphabetically, are used within the cards industry. Here you will find simple explanations to help you navigate the jargon and specialist terminology.

Section 75	A provision within the Consumer Credit Act 1974. This makes a cardholder's credit card company jointly liable with the merchant for any purchases made on a credit card. For example, if a merchant goes bankrupt then a cardholder would have no way to get their money back if there was a problem with a service or product provided by that merchant. But if the cardholder paid for the product or service with a credit card then the credit card company would also be responsible for putting right any losses. Back to top
Secured Credit	Secured credit is an extension of credit that is secured with collateral of some type (car loans and mortgages for example). If you don meet your payment obligations, the item securing the loan or extension of credit can be foreclosed on or repossessed. Back to top
Settlement	This is when an acquiring bank pays the value of a merchant card payments into their nominated bank account. Back to top
Signature Verification	Checking a cardholder identity by comparing his/her signature with the one on the back of a card. Back to top
Store Card	A payment card limited in its use to a specified retailer or group of retailers. Some cards include the facility to withdraw cash from cash machines. Also sometimes known as a Retailer Card. Back to top
Summary Box	A standard format for providing a brief summary of the key features of a credit card, which is available on all credit card marketing materials and credit card statements. A Summary Box can be used to easily compare different products and to remind cardholders of the features of their credit cards. Back to top
Supervisor	On approval of a debtor's proposal the Nominee is usually appointed as Supervisor, unless the creditors at the meeting have voted otherwise. The Licensed Insolvency Practitioner will act as Supervisor throughout the duration of the Individual Voluntary Arrangement. The Supervisor will abide by the terms of the proposal and normally will work in a number of different ways to assist the debtor in coming to terms with his basic situation. Back to top
Swipe	A card is swiped when it is passed through an electronic POS terminal and the magnetic stripe is read. Back to top