Authorization Date
Using a credit card is such an everyday process that it seems rote. In fact, it sets in motion a relatively complicated process. Basically, there is a threeway transaction (not involving a hot tub) underway:
When you swipe, 1) you get something from the seller; 2) the seller gets paid from the credit card company; 3) the credit card company gets repaid by you. This process takes place over a number of weeks (if not longer), starting with the transaction initially getting approved and ending with you paying off the credit card debt.
The first key marker of this path is the authorization date. This is the moment when the credit card company approves the transaction, letting the seller know that it's safe to give you whatever it is you're buying.
Related or Semi-related Video
Finance: What is Power Of Attorney (Trad...2 Views
What is power of attorney?
alright well little old Maybelle blue hair just can't think straight anymore
at least when it comes to managing her considerable volumes of money husband [kitchen oven on fire]
number four was loaded and had a weak heart and well he ate one too many [tombstone and grave]
cheeseburgers Maybelle trusts her grand nephew
Beauregard to make trades on her behalf and has given him trading authorization
to manage her account that is he can make trades without pre-clearing each [Maybelle carries brownie trays]
one with her his status is analogous to having power of attorney in doing
various legal and financial things in life like you might sign over power of
attorney to your legalese proficient uncle to handle negotiating the terms of
your juggling contract because well with your busy schedule you need some help [hand signing power of attorney papers]
keeping all your you know balls in the air and you have the option between
granting general or limited power of attorney like if you want your uncle to
handle all of your finances general POA makes sense but if you only want him to
handle your contracts like in a specific narrow area like at this brokerage
account only with equities or dead or something like that well then a limited
POA would be more appropriate so ya trading Authority is the Wall Street
e-version of power of attorney you might really want to put a few grand into the
stock market but as far as you know the stock market is just a market where they
keep produce you know stocked so you turn over authority to make the actual [Maybelle at the food market]
decisions and perform the actual trades to someone you trust to you know more [Maybelle brings food bag home]
efficiently handle your money because if everything's left up to little old miss
blue hair her entire life savings could end up invested in sweaters for cats Inc [Maybelle dresses her cat in a sweater]
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