Credit Card Glossary

Letter K

Keep and Pay

A sometimes confusing tactic employed by people who can't pay their debts but want to keep certain possessions. They declare bankruptcy which theoretically would force them to lose the property that they took a loan out to buy. With keep and pay, they don't lose the property or possession, they simply continue to pay the loan as originally agreed without recognizing that it exists.

Key

A term used to describe encryption when a credit card purchase is made. As it goes through the authorization process they are disguised underneath the protection of a key which prevents carders or other thieves from being able to access the data and ultimately, steal it. There are multiple different types of keys and encryption and that are used for the transmission of data, and the protection thereof.

Knuckle Buster

A knuckle buster is the machine, now commonly and solely used during power outages and when electronic terminals are down, that allows merchants to use the embossed numbers on credit cards to make an impression on carbon paper packets for receipts. They are typically fairly small and most merchants who accept physical credit cards (where an actual card is present) have them as a back-up, especially in restaurants or other places where services are good are used prior to payment.