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Houston Mortgage > Glossary >
Debt Management > O 1-10
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Offline debit card
Cards that share traits of both ATM and credit cards. Offline debit cards have the VISA or MasterCard logo on them and can be issued by a bank, either instead of or in addition to an ATM card. These cards can be used at any establishment that displays the VISA or MasterCard logo, but using them doesn''t access a line of credit -- it debits a customer''s checking account. It is "offline" because the account isn''t directly accessed -- there''s a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to conclude the transaction, it was offline. In the U.S., no Personal Identification Number (PIN) is required to use an offline debit card.
oint credit
Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.
Online debit card
An online debit card deducts funds from the bank account immediately, as soon as the card is used. It may have the VISA or MasterCard logo, or only the issuing bank''s logo, like an ATM card. There is no delay for processing the transaction -- the money is immediately deducted from your account. In the U.S., if you entered a Personal Identification Number (PIN) during the transaction, it was online.
Over-the-limit fee
A fee charged for exceeding the credit limit on the card.
Overdraft
The amount that a check exceeds the available balance in the payer's account; also insufficient funds.
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