In credit card terms, encryption is the process of encoding credit card information for secure transmission through credit card processing networks or across the Internet.

The Office of Thrift Supervision (OTS) was the primary controller of federal and state savings associations and savings and loan companies, also known as thrifts. The OTS was done away with by the Dodd-Frank Act, its duties dispersed to other banking regulators. It ceased to exist in 2011.

Authentication is the process of assuring that a credit card transaction has been initiated by an authorized user of that card. From the merchant's point of view, authentication means getting the right information from the consumer, and having it verified by the transaction network. In recent years, authentication has been stepped up by means [..]

To default is to fail to make a payment on a debt by the due date. If this happens with a credit card, creditors might raise interest rates to the default (or penalty rate) or decrease the line of credit. In case of serious delinquency, the card issuer can even take legal action to enforce payment or to garnish wages.

The number that is embossed and/or encoded on a plastic card that identifies the issuer and the particular cardholder account.

User authentication is the process of validating a credit card user's identity or authorized user status. User authentication is an important part of a merchant's duties in accepting credit card, although in practice, authentication has in recent years become often cursory or nonexistent.

The 1099-C "Cancellation of debt" form is an IRS form sent when credit card or other consumer debts are forgiven or canceled by creditors or debt collectors. Forgiven debt is generally considered taxable by the Internal Revenue Service, though there are exceptions when it is exempt from taxation. When the canceled debt totals more than $6 [..]

An application fee is often charged on credit cards for people with bad credit. Consumers should make sure to ask how much the fee is and how it is applied. Beware of cards that apply fees to the credit card and eat up most of its credit limit.

A credit card association is a group of card-issuing banks or organizations that set common transaction terms for merchants, issuers and acquirers. Some major associations are Visa, MasterCard, American Express and Discover.

In credit card terminology, an authorized transaction is one that has been approved.