Guide To Credit Terms
|
Listed below is a useful guide to credit card terms. It is a list of definitions of credit card terms that may or may not be familiar to you.
Annual Fee
Various card issuers charge an annual fee, which can help offset costs that issuers incur in maintaining accounts and providing services.
Annual Percentage Rate (APR)
Stands for 'annual percentage rate'. A figure, expressed as a percentage, which incorporates the interest charged upon the credit card as well as any additional fees.
Association for Payment Clearing Services (APACS)
The banking industry body that oversees money transmission and payment clearing activities in the UK.
Automated Teller Machine (ATM)
Another term for a cash machine.
Balance
The total amount that you owe your credit card provider and includes charges such as interest and fees.
Balance Transfer Rate
The interest rate that will be charged on any balance transferred from a previous credit card onto a new one.
Cash Advance
Withdrawing money from a cash machine using your credit card. There is usually a charge imposed for this service. A cash advance is different from a withdrawal you make with your ATM card.
Charge Card
This is a type of credit card often favoured by businesses on which the balance must be paid off in full each month.
Credit Limit
This is the maximum amount you can borrow using your card.
Credit History
A record of how you have paid accounts in the past; used as a guide to determine whether you're likely to pay accounts on time in the future.
Credit Reference Agency
Organisations that specialise in providing credit reports that assess an individual or business's credit risk.
Credit Report
An assessment of an individual or a company's credit risk. These reports are composed using a variety of informational sources and are used by lenders in order to assess applicants.
Finance Charges
The price paid to a lender for the use of borrowed money.
Fixed Rate
A set annual percentage rate that does not change in response to interest rate changes and conditions.
Interest
The charge that the lender imposes on the borrower for the granting of credit.
Interest Free Period
The period during which no interest will accrue on credit card transactions.
Period
The period during which the Introductory Rate applies to balances outstanding on your account.
Introductory Rate
A special annual percentage rate that applies for only a limited time.
Minimum Payment
This is the minimum amount that you will need to pay back each month on your credit card balance.
Online Banking
Online systems enable you to access a host of banking services from a personal computer by connecting with the bank's computers over the Internet.
PIN
Stands for 'personal identification number' and is issued to a credit card holder in order to enable them to use cash machines to withdraw money.
Rewards Program
A point accumulating program based on purchases or transactions made on your card.
You may freely reprint this article provided the author's biography remains intact:
About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
|
|
|
Online, Phone, U.s. Mail Or In-person: Where Is Your Credit Card And Personal Identify Safest?
Identity theft is the fastest growing crime according to the Federal Trade Commission (FTC). It occurs when someone takes a piece of your personal information and uses it without your knowledge to commit fraud or theft. An all-too-common example is when an identity thief uses your personal information to open a credit card account in your name, or uses an existing credit card of yours.Did you know that someone's identity is stolen every 20 seconds?In a recent survey by the FTC, 12.7% of American adults, or 27 million people, reported that they ...(related: Apply for a Credit Card)
Credit Card Entrapment - The Secrets Are Out
Have you ever wondered why your credit card bill is so high and you can't seem to pay off the balance? Well you are not alone in this. You should be aware of a couple of trick that they use and you probably don't even pay attention to it, but you definitely pay for it and BIG!The next time you open up your credit card statement, take a real close look to all the "junk" inside particularly the very hard to read insert Call "changes to you credit card agreement". That's right the one you always throw away or say that I'll read it later and never really do. Since you neglected to read all that fine print you just threw away you should realize what you just did. In essence y...(related: Apply for a Credit Card)
Bad Debt Recovery
Bad Debt IdentificationIdentifying bad debt is not as easy as it sounds. But the earlier it is done, the better are chances of recovering it. Here are some signs of customer behavior that can identify bad debt early:Customer fails to pay as per the agreed payment terms.Customer makes repeated unrealistic complaints ab...(related: Apply for a Credit Card)
Always Avoid Payment Holidays
Once you've been paying off a credit card for a while, you might be offered a 'payment holiday'. You'll get a letter, saying that since the company knows it's difficult for some families around Christmas (or whatever other excuse they think up), they're offeri...(related: Apply for a Credit Card)
How To Eliminate Credit Card Debt
There is almost nothing more troublesome than having too much debt to pay each month. Consumers incur debt for many different reasons. Sometimes...(related: Apply for a Credit Card)
Establishing Credit ? What You Need To Know Part 1
Establishing credit is one of the most important things you can do in order to add stability to your financial record and dramatically increase your ability to borrow necessary funds in order to purchase a new home, new car or even pay for college expenses. Unfortunately credit has two sides to it that consumers can exploit. The good side is very valuable and prevents consumers from having to save for many years in order to afford the finer things in life. The bad or dark side of credit can lead to individuals amassing large amounts of debt they eventually find themselves unable to repay. With this in mind one of the best investments anyone can give himself or herself is the finan...(related: Apply for a Credit Card)
Saving Money: Quick Cash, High Cost
I didn't think it was possible. But it is. Folks, there is something worse out there than putting everyday expenses on a credit card, then carrying the balance. The guys I'm going to tell you about make the credit card people look downright benevolent. Meet your smiling neighborhood cash advance parlor.These legal loan sharks go by names like EZ Money, Cash 'N Go, Red E Cash, Cash in a Flash, the Money Tree, and others.Here's how it works. You want cash now. Payday isn't for another two weeks. So you head on down to the loan shop. Just show them your driver's license, bank statement and pay stub. Write a check dated two weeks from now for, say, $200. A minut...(related: Apply for a Credit Card)
Credit Report ? Check Yours Regularly - And For Free
In the twenty-first century, there are few documents that have a greater impact on the lives of Americans then their credit report. Credit rating determines one's abili...(related: Apply for a Credit Card)
Credit Cards - A Blessing Or A Curse?
Owning a credit card can be quite an advantage. Whethermaking online purchases, booking an air ticket or a hotelroom on the phone or simply being in need of someemergency cash, having a credit card can be a big help.However, getting a credit card is also a hugeresponsibility and if you don't keep an eye on yourspending habits, credit cards can create some seriousproblems. Here is an excellent list of tips on propercredit card use and if you follow these, you will likelystay out of trouble and your credit card will be ablessing instead of a curse:1. When you make a purchase with the credit card, itis akin to taking a loan from your bank. What youhave borrowed has...(related: Apply for a Credit Card)
site-map - Copyright © 2006 | Contact Disclaimer/Webmaster | All Rights Reserved. | Apply for a Credit Card