ID Verification: Is the process a site uses to determine that the person requesting access to the material sold is indeed the person they say they are. CNWB uses proprietary databases which extract information from various public record sources in order to create a profile of each client, including their correct age. Annual Fee: Various card issuers charge an annual fee, which can help offset costs that issuers incur in maintaining accounts. Annual Percentage Rate: (APR): Sometimes also called the interest rate. The yearly interest rate or percentage that one pays on an outstanding balance in the form of interest. Association Member: Merchants who are granted license to issue CNWB credit and/or debit card portfolios are invited to join the CNWB Standards Commission which will recommend and help establish policies by which CNWB can more effectively service them and our client base at large. Automated Teller Machine (ATM): Allows customers to perform banking transactions anywhere and at anytime. By using a debit or ATM card at an ATM, individuals can withdraw cash from checking or savings accounts, make a deposit or transfer money from one account to another or perform other functions. You can also get cash advances using a credit card at an ATM. Individuals should also be aware that many banks charge transaction fees — generally ranging from 50 cents to $3 per transaction - for using another bank's ATM. Average daily balance: This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day's balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card's monthly periodic rate, which is calculated by dividing the annual percentage rate by 12. A card with an annual rate of 18 percent would have a monthly periodic rate of 1.5 percent. If that card had a $500 average daily balance it would yield a monthly finance charge of $7.50. Balance Transfer: The process of moving an unpaid credit card balance from one issuer to another. Charge Backs: Address two primary areas of concern. These are fraudulent charges against consumers' accounts, and substantive failure to perform by merchants. However, typically this term refers to Sales transactions which have been disputed by the cardholder with their issuing bank. Chargebacks, in the internet content environment, almost without exception, are undisputable by the Merchant and will be credited back to the cardholder at the Merchant's expense. Because of our proprietary transaction methodology, CNWB does not recognize “Did not make or Authorize” as an acceptable consumer response to a charge. Credit History: Record of how a consumer has paid accounts in the past, used as a guide to determine whether the consumer is likely to pay accounts on time in the future. Credit Line/ Line of Credit: Also referred to as your credit limit. This is the maximum amount you can borrow using your card. Daily Periodic Rate: Sometimes interest is credited more often than once a year. The interval of time between successive interest payments is called a period. The interest that is paid each period is called periodic interest. This gives rise to the following definition:: If the annual interest rate is "r" and interest is compounded "n" times per year, then the periodic interest rate is given by [ periodic interest rate = r/n ] … so the daily periodic rate would be r/365. For CNWB this is calculated as 9.95 / 365 = 0.02726 Dialers: Dialers are an international solution for content sites that want to sell their product outside of the U.S. Many European residents do not have credit cards. Dialers provide a means for them to purchase the same or similar content via phone billing as opposed to credit card accounts. Finance Charges: The price paid to a lender for the use of borrowed money. Interest is charged as a percentage of your outstanding balance (purchases and charges reduced by payments or credits posted). This percentage, or interest rate, can vary from card to card. Fixed Rate: A set APR that does not change in response to interest rate changes and conditions. A Variable Rate periodically goes up or down based on fluctuations in market interest rates as reflected in a published index (e.g., the prime rate published in the Wall Street Journal). Grace Period: A period of time — usually 20-25 days — when you're not charged interest for purchases you've made. For example, if the billing date on your credit card bill is May 1 and you have paid your prior balance in full, you may have until May 20 to pay your new balance in full. If you do, you will not be charged interest. If your payment arrives after May 20 — or if you don't pay the entire balance — you may be charged interest from the date of purchase as posted. Some accounts have no grace period, which means interest is charged on purchases from the date they are posted. Introductory Period: The time period during which the Introductory Rate applies to balances outstanding on your account. Introductory Rate: : A special APR that applies for only a limited period of time. Sometimes also called a teaser rate. Merchant: Location or store where purchases are made. Online Account Management: Online systems allow customers to plug into a host of online services from a personal computer by connecting with the businesses computers over the Internet. PIN: Personal Identification Number. Secret code you choose for your card that enables you to access your money, purchase a membership or products online, or perform account transactions through your Members Lounge. Your PIN should not be shared with anyone. Real Time: The expression indicates that a process is happening "live", i.e. at the same time as something else. An Example would be, an application. Rewards Program: A point accumulating program based on purchases or transactions made on your card. These points can be redeemed for the particular program you enrolled in (e.g. airline, gasoline, etc.) Secured Cards: Secured cards are a great first step for those with little or no credit history. This type of card requires that a security deposit be made in order to establish a credit line. Your credit line will typically be equal to the amount of your deposit. Zero Liability: Pay only for purchases which you have authorized on your CNWB card, unauthorized purchases are not your responsibility.