Arminianism:  Universal Redemption or General Atonement - Christ's redeeming work made it possible for everyone to be saved but did not actually secure the salvation of anyone. Although Christ died for all men and for every man, only those who believe on Him are saved. His death enabled God to pardon sinners on the condition that they believe, but it did not actually put away anyone's sins. Christ's redemption becomes effective only if man chooses to accept it.

Reformed (Calvinist) : Particular Redemption or Limited Atonement - Christ's redeeming work was intended to save the elect only and actually secured salvation for them. His death was substitutionary endurance of the penalty of sin in the place of certain specified sinners. In addition to putting away the sins of His people, Christ's redemption secured everything necessary for their salvation, including faith which unites them to Him. The gift of faith is infallibly applied by the Spirit to all for whom Christ died, therefore guaranteeing their salvation.