DEFINITION of 'Bank Card Association'

An organization owned by financial institutions that licenses bank credit card programs. The Bank Card Association also performs operational functions for its members, including transaction processing and authorizations, interchange settlements and fee processing.

BREAKING DOWN 'Bank Card Association'

The two national and best-known bank card associations, VISA and MasterCard, have become publicly-traded companies. There are many regional bank card associations, however, that may be owned by a single bank or a consortium. These smaller organizations issue more retail credit cards.

RELATED TERMS
  1. Authorized Transaction

    A credit card purchase for which the merchant has received approval ...
  2. Settlement Bank

    The entity that facilitates the exchange of money between the ...
  3. Credit Card Authorization Key

    A code used in credit card transaction authorizations that confirms ...
  4. Bank Card

    Any card issued against a depositary account, such as an ATM ...
  5. Credit Card

    A card issued by a financial company giving the holder an option ...
  6. Bank Identification Number - BIN

    The first four to six digits of a credit card. The bank identification ...
Related Articles
  1. Personal Finance

    3 New Types Of Credit Cards To Look For

    These three types of credit cards are becoming popular with customers looking to pay less fees and build up their credit scores.
  2. Personal Finance

    How Credit Cards Built A Plastic Empire

    A decade before Mastercard or Visa existed, the first credit card company was introduced.
  3. Personal Finance

    Credit, Debit and Charge: Sizing Up The Cards in Your Wallet

    Not all plastic is equal! Learn the difference between the three kinds, and how each can affect your finances.
  4. Personal Finance

    Understanding Credit Cards

    Credit cards are a type of unsecured personal loan between the credit card issuer and the credit card holder.
  5. Personal Finance

    10 Considerations For Using Your Credit Card Abroad

    Credit cards can be the best item you pack when traveling, just make sure that you are taking the right card that suits your needs.
  6. Personal Finance

    How Many Credit Cards Should You Have?

    National stats indicate most consumers have three or more cards - are you one of them?
  7. Personal Finance

    How Many Credit Cards Should You Have?

    Having several credit cards provides many benefits. Here are a few factors to consider when you’re deciding how many credit cards you need.
  8. Personal Finance

    Visa vs. MasterCard: Is There a Difference?

    Visa and MasterCard are two of the most widely used credit card brands. But are the differences between the two significant enough to influence consumers?
RELATED FAQS
  1. Can a business charge me an extra fee for paying with my credit card instead of cash?

    Learn about credit card surcharges by retailers, in which states this practice is permitted and the judicial decision that ... Read Answer >>
Trading Center