Credit Card Glossary: Terms and Definitions
Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.
- EMV liability shift
- Under rules instituted by MasterCard, Visa, American Express and Discover, as of Oct. 1, 2015, in-store counterfeit fraud liability shifted to the party -- either the card issuing financial institution or the merchant -- that had not adopted EMV technology. Before, credit card issuers were primarily responsible for covering fraud affecting consumer accounts. While issuers will still reverse charges for fraud victims, they may now seek reimbursement from the merchant or merchant acquirer if the merchant had not installed EMV-compatible equipment when fraudulent charges were made on an EMV card.