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Debit card terminology

Posted in General, Standards with tags , , , , , , , , , on May 13, 2010 by newideasconsult

There are many misleading terms that have been bandied around in the payment card industry that confuses customer and service provider alike, especially these days with so many ‘white label’ resellers marketing their debit cards as ‘credit cards’ and what not!  For example the word ‘prepaid’ does not mean the same to me as ‘pre-funded’ for example, though many card product marketing documents use them interchangeably.  Fixed value versus reloadable makes the ‘prepaid’ card even more confusing for some.  I’m not an expert on such terms, but having things cleared up a bit would make me a much happier consultant.  So if you deem yourself to be an expert on these matters, please feel welcome to comment as much as you like.  I’ll make up a little cards industry thesaurus as it were from all contributions 😉