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.
- A paper-thin, card-size shim containing an embedded microchip and flash storage is inserted into the “dip and wait” card slot of an ATM or gas pump payment terminal that's indoors or outdoors. There it resides unseen to intercept data off your credit or debit card’s EMV chip for fraudsters. The intercepted data is used to create a magnetic stripe version of the card that can be used in payment terminals that haven't been updated with EMV chip technology.