Retrieving HTML select values with jQuery

/*
<select name="payment" id="selectList">
 <option value="1">Visa</option>
 <option value="2">Mastercard</option>
 <option value="3">American Express</option>
 <option value="4">JCB</option>
</select>
*/
 
 
$('#selectList').val(); 
// returns value of options 1, 2, 3, or 4
 
$('#selectList :selected').text()
// returns text of options Visa, Mastercard, if selected
 
// multiple select:
var sel = [];
$('#multiple :selected').each(function(i, selected) {
  sel[i] = $(selected).text();
});