Credit Card Glossary : Terms: M

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Credit Card Glossary – M

Minimum payment
If you carry a balance on your card, this is the minimum amount due each month. Each credit card issuer calculates this amount independently, but it is usually between 2-3% of your balance.

Magnetic Stripe
A stripe of magnetic information affixed to the back of a plastic credit or debit card. It contains customer and account information required to complete electronic financial transactions. The physical and magnetic characteristics of this stripe are specified in the International Organization for Standardization standards 7810, 7811, and 7813.

Magnetic-Stripe Reader
A device that reads information from the magnetic stripe and transmits that information to a transaction processor or computer terminal. Also referred to as card reader.

Magnetic-Stripe Terminal
A terminal that reads the magnetic stripe on a plastic card.

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