Credit Card Glossary

Letter V

Validation Code

A four digit code that VISA uses as pert of their authorization response for the CPS/ATM program. This makes sure that the authorizations are recorded both for the clearing and settlement record.

Vantage Score

A lesser known, and frankly, less cared about competitor to the FICO score that was attempted to compete back in 2006. This score ranging from 501-990 was brought about as a collaborative effort between the three credit bureaus.

Variable Rate

With a variable rate, the interest rate can change as it is usually tied to an index, and usually the index that it is tied to is the prime rate. Variable rate cards are usually prime a margin and as the prime rate moves, which is lock stepped with the federal funds rate, your variable interest rate will change. There are usually floors and ceilings with variable rate credit cards.


A major credit card network with a US and global presence.

Visa Issuer

A financial institution that has an agreement or partnership with Visa that allows them to issue prepaid Visa debit cards and credit cards.

Visa Merchant

A merchant who excepts Visa debit and credit cards for the purchase of their goods and/or services.

Voice Authorization

An authorization that is made verbally, most commonly over the phone that allows an issuer (in the credit card world) to perform a task that requires authorization -- this could range from authorizing a hard pull on a credit report to making an EFT for bill payment.


The nullification of a transaction due to be settled. Voids are usually made right before a batch settlement is to take place for v-terminal settlements or directly after a transaction has been made in error when a card has been physically swiped.

Void Transaction

When a transaction number is deleted.