The term originates from when most credit card transactions were done manually rather than electronically. It was a way to ensure that the credit was available to the consumer before the transaction was completed.
Investment dictionary. Academic. 2012.
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floor limit — ➔ limit1 * * * floor limit UK US noun [C] COMMERCE ► the largest amount of money you can spend using a credit card or bank card without a store needing permission from your bank or credit card company: »Payment is guaranteed for all sales above a … Financial and business terms
floor limit — noun An amount above which a credit card sale must be authorized by the card company, varying from one shop, etc to another • • • Main Entry: ↑floor … Useful english dictionary
Floor limit — A floor limit is the amount of money above which credit or debit card transactions must be authorised. The limit can vary from store to store. Floor limits do not apply to certain types of debit card (such as Visa Electron and Solo), as these… … Wikipedia
Floor limit — An ISO term. A card transaction limit beyond which an authorisation is required … International financial encyclopaedia
floor limit — / flɔ: ˌlɪmɪt/ noun a highest sale through a credit card that a retailer can accept without having to get authorisation from the bank that issued the card … Dictionary of banking and finance
Zero-Floor Limit — A retail authorization system in which all of a merchant s credit or debit transactions must be checked against the card s outstanding balance due and/or any Warning Bulletin listings about past due or over limit accounts before processing. Floor … Investment dictionary
limit — See price limit, position limit, and variable limit. The CENTER ONLINE Futures Glossary See trading limit. Bloomberg Financial Dictionary A contract s maximum price advance or decline from the previous day s settlement price permitted in one… … Financial and business terms
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