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.
- Fallback transaction
- Fallback transactions are a phenomenon of the switch from old magnetic stripe credit cards to EMV chip cards. A fallback transaction occurs in retail settings when, due to equipment failure or attempted fraud, the EMV chip card reader fails to make the transaction, and the merchant is prompted to complete the sale via the old swipe method.