In a settlement program, a credit issuer offers to settle a credit card balance for a portion of the amount due, in a brief period of time, usually fewer than six months. The cardholder will pay the settlement amount in any increments that the program indicates or by the final due date.
What is card settlement in bank statement?
When you propose to pay back half of your credit card debt, generally in a lump sum one-time payment, and your creditor accepts it, it is called credit card settlement.
What is a settlement in debit card?
Once a transaction has been approved, settlement is the second and final step. This is when the issuing bank transfers the funds from the cardholder's account to the payment processor, who then transfers the money to the acquiring bank.