TRANSLATION OF TERMINOLOGY ON CREDIT CARD

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TRANSLATION OF TERMINOLOGY ON CREDIT CARD

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English-Vietnamese translation of terminology on credit card - 19 - CHAPTER THREE: TRANSLATION OF TERMINOLOGY ON CREDIT CARD Section A: An overview of credit card and credit card terminology 1. An overview of credit card 1.1. The definition of credit card and its operation • What is credit card? Credit card is small card, usually made of plastics, containing a means of identification, such as a signature or picture, that authorizes the person named on it to charge goods or services to his account, on which he is billed periodically. • How does it work? A user is issued a credit card after an account has been approved by the credit provider (often a general bank, but sometimes a captive bank created to issue a particular brand of credit card, such as American Express Centurion Bank), with which they will be able to make purchases from merchants (cơ sở chấp nhận thẻ) accepting that credit card up to a pre-established credit limit (hạn mức tín dụng) When a purchase is made, the credit card user agrees to pay the card issuer. Originally the user would indicate his/her consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid, but many merchants now accept verbal authorizations via telephone and electronic authorization using the internet. English-Vietnamese translation of terminology on credit card - 20 - Electronic verification systems allow merchants (using a strip of magnetized material on the card holding information in a similar manner to magnetic tape or a floppy disk) to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. Other variations of verification systems are used by ecommerce merchants to determine if the user's account is valid and able to accept the charge. Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, and the total amount owed. The cardholder must then pay a minimum proportion of the bill by a due date, and may choose to pay the entire amount owed or more. The credit provider charges interest on the amount owed (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user's accounts. Credit card issuers usually waive interest charges if the balance is paid in full each month, but typically will charge full interest on the entire outstanding balance from the date of each purchase if the total balance is not paid. 1.2. The birth and development of credit card • The birth of credit card The concept of paying merchants using a card was invented in 1950 by Ralph Schneider and Frank X. McNamara in order to consolidate multiple cards. The Diners Club produced the first "general purpose" charge card, which is similar but required the entire bill to be paid with each statement. In 1950, the first Diners Club cards were given out to 200 associates of McNamara, mostly salesmen who often needed to dine with clients. At that time, Diners Club had English-Vietnamese translation of terminology on credit card - 21 - signed up 14 restaurants in New York City. Membership grew quickly as both new customers applied for the card and more restaurants signed on. By the end of 1950, Diners Club had 20,000 customers and was accepted at over 1000 restaurants. • The development of credit card The new way of payment quickly appealed to people and increasingly improved and developed. Diners Club cards were followed shortly thereafter by American Express, Western Union, Trip Charge, Golden Key, Gourmet Club, Esquire Club, etc. At this time, most of cards were intended for business circle, however, issuers soon got to know that individual from middle class should be targeted. Then came the introduction of the biggest credit card issuers nowadays: Visa and Master Card. Bank of America created the BankAmericard in 1958, a product which eventually evolved into the Visa system ("Chargex" also became Visa). MasterCard came to being in 1966 when a group of credit- issuing banks established MasterCharge. There are now countless variations on the basic concept of revolving credit for individuals (as issued by banks and honored by a network of financial institutions), including organization-branded credit cards, corporate-user credit cards, store cards and so on. 1.3. Types of credit cards Credit cards are diversified in type. Credit card can be classified into five major types according to its production technology, issuer, payment characteristics, geographical distribution, and cardholders. English-Vietnamese translation of terminology on credit card - 22 - • In terms of production technology, there are three main type: - Embossing card (thẻ khắc chữ nổi): credit cards in it early days were produced by this method. However, such technology that was easy to imitate has become quickly obsolete. - Magnetic stripe (thẻ băng từ): is employed with two magnetic stripes on the back of the card and has been in use for the past 20 years. However, the technology has revealed quite a few weaknesses. - Smart card (thẻ vi mạch): is the latest advance of credit card having the same characteristics with a complete computer. • With regard to the issuer of credit cards, we have two types: - Credit cards issued by Banks (Visa Card, Master Card) - Credit cards issued by non-bank institutions (cards of giant businesses, economic groups like Diner’s Club card) • Considering payment characteristics, there are 3 types: - Credit cards: the most popular one that allows users to purchase goods, services within a credit limit granted by the issuer. In other words, users spend without paying in advance. - Debit cards: cardholders must have a bank account to secure their spending. In fact, they are an alternative for cash. There are online and offline debit cards. - Cash cards: are cards used to withdraw money at ATMs or at banks. Users are required to deposit money at banks or have overdraft account. English-Vietnamese translation of terminology on credit card - 23 - • Based on geographical distribution, there are two types: - Domestic credit card: issued and used within one country only. Transaction currency is the local money. - International credit card: is accepted worldwide and transactions are carried out by hard currencies. • On the basis of cardholder classification: - Individual cards: are cards for individual cardholder and use - Corporate cards: Its cardholders are companies, organizations 2. Credit card industry of Vietnam Credit card, a payment measure free of cash has been popular and favoured all over the world, accounting for 15-22% profits of banks in developed and industrialized countries. However, in Vietnam, such product remains new and the use of credit card is confined to some groups of people only. Since the Doi Moi (Renewal) policy was initiated in Vietnam, the banking system has been renovated rapidly with new banking products and services developed in line with the economic growth of the country. In 1990, for the first time, Bank for Foreign Trade of Vietnam (Vietcombank) became the settlement banks for VisaCard. In 1991, under the agreement between Vietcombank and Malaysia Banking and Finance Institution, Mastercard was officially accepted in Vietnam. Later, JCB, a Japan-originated credit card, Amex credit card of American Express also presented in the country. English-Vietnamese translation of terminology on credit card - 24 - The Vietnam’s credit card market really grew vigorous and boisterous in 1995. In addition to Vietcombank, another nine banks also went in the credit card business, namely ACB, First Vina, Sacombank, ANZ, Eximbank, Hongkong bank, etc. In 1996, Vietcombank became the member of VISACARD and MASTERCARD, and acted as the issuing bank of the two world-leading credit card organizations. Currently some other banks are also chosen to issue and settle international cards like ACB and VIBank. Besides, almost all commercial banks in Vietnam offer their customers domestic cards that are in use within Vietnam territory to purchase goods and services or withdraw cash. Thanks to the national economic stable growth, the wave of tourism, foreign investment to Vietnam, Vietnam’s credit card industry will surely grow considerably in years to come. 3. Credit card terminology overview. Credit card is a banking product; however, its terminology is not purely related to the scope of banking and finance. In fact, terms on credit card have a close relation with Information and Telecommunication Technology, or technologies facilitating the issuing and usage of credit card itself. It is the reason why credit card term translation is quite different from that of terms on Banking and Finance in general. In terms of lexical construction, the credit card terminology indexed in last pages of the Paper is comprised by: 1. single words 2. shortenings 3. word groups or phrases: English-Vietnamese translation of terminology on credit card - 25 - • phrases contain derived words • phrases contain shortenings Comparison between English and Vietnamese version of credit terminology has revealed that Literal translation is favoured other than Communicative translation to render source-language terms into target language ones. It is also found that non-equivalent terms are dealt with by methods including paraphrase, transference, connotative and denotative equivalence, and implicit and explicit components of lexical items. Besides, the use of Sino- Vietnamese factor in the translation of listed credit card terms is employed widely and successfully. Each translation method will be analyzed quite profoundly as follows. English-Vietnamese translation of terminology on credit card - 26 - Section B: Translation of credit card terminology It should be noted that the set of terms on credit card used in this Graduation Paper are selected from the English-Vietnamese dictionary of economics and business by Nguyễn Đức Dy and Hồ Ngọc Bích and English- Vietnamese dictionary on Commerce, Finance and Banking by Nguyễn Thi Ái Nguyệt and Nguyễn Tùng Lâm. Besides, some terms are retrieved from the Internet, collected from reference books, publications of banks, professional Journals by the Paper’s writer and then edited by bankers who are from Card Department of different banks namely Vietcombank, Banknet, Agribank and BIDV. These terms are widely accepted among bankers and cardholders as well as their readers. The comparison between the source language and translated version of credit card terminology will reveal the methods applied to produce the final and accurate Vietnamese equivalents, which will be presented hereby. 1. The application of Literal and Communicative translation It is easily recognized that Literal translation dominates the translation of credit card terminology. According to Peter Newmark, Literal translation ranges from one word to one word, group to group, collocation to collocation, clause to clause, to sentence to sentence, and that it ensures an one-to-one relationship between originals and translated versions. Therefore, most translators rely on this method to bring about the most satisfactory equivalents. Examples: Account Number : Số tài khoản Complaint Fee : Phí khiếu nại English-Vietnamese translation of terminology on credit card - 27 - Customer Code : Mã khách hàng Data Protection Method : Phương pháp bảo vệ dữ liệu Credit Limit : Hạn mức tín dụng Credit insurance : Bảo hiểm tín dụng Digital Signature : Chữ ký kỹ thuật số Expired Card : Thẻ hết hạn Gold card : Thẻ vàng Lost Card Fee : Phí thất lạc thẻ Silver card : Thẻ Bạc Virtual Account : Tài khoản ảo Settlement Date : Ngày thanh toán All Vietnamese equivalents terms transposed by this method are intelligible and accordingly logical to the relevant background knowledge. Furthermore, they are up to the norm of accuracy required by terminology in general. One word in the source language corresponds semantically, e.g. Digital Wallet=Ví điện tử. People who may work or be interested in the field of credit card can easily accept that the Vietnamese equivalents are of great simplicity and understandability. The method of Literal translation is preferred in the translation of credit card terminology in this case due to the following reason: English-Vietnamese translation of terminology on credit card - 28 - • Normally, terms are considered context-free and within one specialized field, one term keeps its own meaning in whichever contexts it stands. In fact, the more specific or technical a word is, the less it is likely to be affected by the context. • Terms bear no characteristics of the synonym and polysemy. Nevertheless, this rule only applies in the case of one specialized field because there still exist polysemy terms in fields of different professions. For instance, “clearing” in forestry is defined as an open space in a forest where there are no trees. Its Vietnamese word is “khoảng rừng trống”. But “clearing” in “Automated Clearing House Payment” in the field of credit card in Vietnamese means “thanh toán bù trừ tự động” • Original terms and their counterparts are equivalent in terms of the referent and pragmatic effect. • Word alienisms and neologism are rarely found Though Literal method proves to be useful in the translation of terminology, it is adopted when terms are translated singly, out of context or the source language term and its equivalents in the target language keeps a corresponding relation. Often, terms are translated directly based on its nearest original meaning. However, there are terms whose meaning could only be transposed based on the context they appear in and of the specialized knowledge that the translators possess. [...]... count on sets of already-translated terms by professional predecessors - 42 - English-Vietnamese translation of terminology on credit card To conclude this study, I would like to offer a closer look at technical translation, general knowledge of credit card and its terminology On my part, after the study, I have not only gained access to translation methods when it comes to terminology translation, but... (or one as close as possible) on the readership of the translation as was obtained on the readership of the original There are different levels of equivalence: equivalence in respect of context, of semantics, of grammar, of lexis For the reason that the paper aims at studying the translation of terminology on credit card, only lexical equivalence is brought into focus and how it is applied in the translation. .. card issuance are of high formality • Sino-Vietnamese words are usually short, condense but convey various shades of meaning Whereas, credit card terms, just like terms of other professions should be as short, simple, fully expressive of concepts as possible Besides, credit cards terms appear on sale slips, statements, - 39 - English-Vietnamese translation of terminology on credit card cardholder agreements... second, in contrast, refers meaning that is not referential but associational and subjective In the translation of credit card terminology, denotative equivalence often dominates because each term often refers to one concrete concept or technological procedure - 34 - English-Vietnamese translation of terminology on credit card Examples: Annual Fee : Phí thư ng niên Balance Transfer : Chuy n s dư Cardholder... Hopefully, my small study on the translation of credit card terminology will be beneficial to would-be translators or anyone who has interest in the credit card industry - 43 - English-Vietnamese translation of terminology on credit card References 1 David, L.P - Dictionary of banking and Finance, USA, Litterfield, Adam & Co., 1994 2 Hornby A.S - Oxford Advanced Learner’s Dictionary, London, Oxford University... English-Vietnamese translation of terminology on credit card Conspicuously, the application of componential analysis helps the translation outputs more explicit in meaning It is the basic process in translation to compare a source language term with a target language term of the similar meaning Additional components are added to the translated version to produce a closer and nearer meaning to readers English is a condense... particular context As regards lexical equivalence, the choice of appropriate lexical equivalents in technical translation depends much on the readership and text types As for educated readership, the translation of credit card terminology requires high accuracy, formality and professionalism Sino-Vietnamese factor also plays an important role in the translation of credit card terminology Most of terms... of terms rendered by the use of Sino-Vietnamese words are of standards required of Vietnamese terminology - 41 - English-Vietnamese translation of terminology on credit card CHAPTER FOUR: CONCLUSION Technical translation is not an easy-to-tackle field for professionals in general and for a fresh translator like me in particular However, the more challenging the field of terminology is, the more fascinating...English-Vietnamese translation of terminology on credit card In face of these terms, Communicative translation can be taken as a good alternative for Literal translation Communicative translation is the method that attempts to render the exact contextual meaning of the original in such a way that both content and language are readily acceptable and comprehensive to the readership Examples: Additional cardholder... is monophonic with new words formed by adding words to the original That is why adding lexical elements in translation from English into Vietnamese in general and translation of credit card terminology in particular is quite familiar to translators themselves 2.5 The use of Chinese-Vietnamese words The exploitation of Sino-Vietnamese (or Chinese-rooted words) in the translation of credit card terminology . English-Vietnamese translation of terminology on credit card - 19 - CHAPTER THREE: TRANSLATION OF TERMINOLOGY ON CREDIT CARD Section A: An overview of credit card and credit. credit card terminology 1. An overview of credit card 1.1. The definition of credit card and its operation • What is credit card? Credit card is small card,

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