The cardholders available credit limit is reduced by the authorized amount. Authorization Code-- A code that an issuer or its authorizing processor provides to indicate approval or denial for an authorization request.
Authorization Date-- Date and time when the transaction was authorized.
Authorization Only-- A transaction that is created to reserve an amount against a credit cards available limit for intended purchases; the actual settlement may occur within three to five days, depending on the card type. Authorized Transaction-- Transaction that has been approved.
Automated Teller Machine (ATM)-- an interactive terminal with a touch screen or keypad that allows consumers with credit cards or debit cards to withdraw cash, check balances and/or make deposits using the magnetically encoded card to perform transactions.
Such authorization can be done by telephone or electronically at the cash till.
Authorization is used to control credit card fraud.
Annual Fee- An annual (yearly) fee associated with having a credit card.