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Listed below is a utile usher to credit card terms. It is a listing 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 assist 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 further fees.

Association for Payment Clearing Services (APACS)

The banking industry organic structure that supervises money transmission and payment glade activities in the UK.

Automated Edward Teller Machine (ATM)

Another term for a cash machine.

Balance

The sum amount that you owe your credit card supplier and includes charges such as as interest and fees.

Balance Transfer Rate

The interest rate that volition be charged on any balance transferred from a former 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 backdown you do with your standard atmosphere 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 upper limit amount you can borrow using your card.

Credit History

A record of how you have got paid accounts in the past; used as a usher to determine whether you're likely to pay accounts on clip in the future.

Credit Mention Agency

Organisations that specialise in providing credit reports that measure an individual or business's credit risk.

Credit Report

An appraisal of an individual or a company's credit risk. These reports are composed using a assortment of informational beginnings and are used by lenders in order to measure applicants.

Finance Charges

The terms paid to a lender for the usage of borrowed money.

Fixed Rate

A set annual percentage rate that makes not change in response to interest rate changes and conditions.

Interest

The charge that the lender enforces on the borrower for the granting of credit.

Interest Free Period

The clip time period during which no interest will accrue on credit card transactions.

Period

The period during which the Introductory Rate uses to balances outstanding on your account.

Introductory Rate

A particular annual percentage rate that uses for lone a limited time.

Minimum Payment

This is the minimum amount that you will need to pay back each calendar month on your credit card balance.

Online Banking

Online systems enable you to access a host of banking services from a personal computing machine by connecting with the bank's computing machines over the Internet.

PIN

Stands for ‘personal designation number' and is issued to a credit card holder in order to enable them to utilize cash machines to retreat money.

Rewards Program

A point accumulating programme based on purchases or transactions made on your card.

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