Credit: A Credit on your statement
reflects any monetary transaction other than a payment that decreases your
Outstanding Balance.
Credit limit: The total
amount of credit that can be extended to the customer on a particular
card.
Credit reporting agency:
An agency that compiles data about an individual's credit payment history.
Credit report:
Contains information regarding a customer's payment history.
Creditor: To whom money is owed.
Current balance:
Total amount owed on purchases, balance
transfers, cash advances and applicable finance charges.
Daily periodic rate:
used to calculate the amount of Finance Charges assessed on an account. It is
typically calculated by dividing the Annual Percentage Rate by
365.
Delinquet: Payment is
overdue.
Finance charge: Interest charges and other
fees for using credit.
Fixed interest rate:
A specific rate
of interest charged on an account.
Grace period: The time between the transaction date and the billing
date in which interest does not accrue on the balance owing.
Introductory interest rate:
An interest rated in effect for
a limited period of time.
Late fee: A charge assessed
if payment isn't made by the due date.
Minimum payment due:
The smallest amount to pay
to keep an account in good standing.
Over limit:
The amount by which a credit limit is exceeded.
Over limit fee:
A charge levied for exceeding the credit limit.
Outstanding
balance: Total amount owed on the account.
Post date: The
date that the transaction was posted to your account.
Pre-approved:
Having
passed the preliminary screening necessary to obtain
credit.
Personal identification number (PIN): A number that
allows you to use ATMs.
Prime lending rate: The variable interest rate
often used in calculating the interest rate.
Secured credit card:
A
credit card to which the cardholder makes a deposit to ensure
payment of the outstanding balance if the cardholder defaults on
payment.
Transaction date: The date on which
the purchase or advance was first
made.
Unsecured credit
cards are cards that
extend a line of credit, from which your purchases are deducted.
Variable interest rate:
A rate of interest charged on credit card account which may fluctuate.