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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.
MORE RESOURCES:
Credit - Google News
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