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Credit Card term explained

 
home Glossary for Credit Cards
 


AN EXPLANATION OF CREDIT CARD JARGON

Whether you are a newcomer to the credit card marketplace, or are
already a credit card holder, the financial jargon that surrounds the
subject can be quite daunting. Unfortunately there is no standardisation
of terminology, but the following topics will be a handy guide to some
of the most commonly used terms:

STATEMENT DATE:
The date that the credit card company make up, total, print, and issue a statement of your indebtedness for that month's outstanding
transactions. N.B. This need not be the date that you receive the
statement.

INTRODUCTORY RATE:
In order to attract your business, many credit card providers offer special introductory rates of interest to new customers. Typically, the
introductory rate offered is 0%, and this will be offered for a
particular period of time. This period may be for only a few months, or,
more generously, a year.
Current Market Introduction Cards Summary

BALANCE TRANSFER:
Introductory offers frequently allow you to transfer balances from any
other credit cards or store cards, typically at the commencement of the
new credit card account.
Current Market Balance Transfer Summary

ANNUAL PERCENTAGE RATE (APR):
This is the percentage rate of interest calculated on an annual basis.
This is sometimes referred to as the ‘usual percentage rate’ indicating
that it is the rate that will be applied after an introductory offer
period has expired.
Current Market APR's Summary

CASH ADVANCE:
When you use a credit card account to obtain cash.

CASH ADVANCE RATE:
A rate of interest levied for credit card transactions that involve the
issue of cash - across the counter in a bank, or from a cash dispensing
machine, etc. Typically, this form of interest is calculated from the
date that you receive the cash rather than from the statement date.

CASH BACK:
This is a 'reward' scheme, where you are offered some financial rebate
for transactions using the credit card. Typically, cash back schemes
offer anything from 0.1% to 2% of card purchases, but both the interest
rate and the terms and conditions for cash back schemes vary
significantly between card companies.
Current Market Cashback Rate Summary

CREDIT LIMIT:
This will be the maximum sum of money that the credit card company state
cannot be exceeded as the balance owing on a credit card at any one
time.

ANNUAL FEE:
Some credit card companies make an annual charge for a credit card.
Think of this as being like an administration charge. Not all credit
card companies make this charge.

OVERSEAS TRANSACTIONS:
Most credit card companies levy a charge for the conversion between
currencies. For example they will add a small percentage to a
transaction which is typically independent of and additional to any
interest rate applicable to a transaction, when you carry out a
transaction in a foreign currency whilst abroad, or on the internet.

WITHDRAWAL LIMIT:
This is the maximum amount of cash advance that you will be allowed to
withdraw, through an ATM (Automated Teller Machine ) or over the counter
in a bank, on any one day.

MINIMUM PAYMENT:
This is the amount that you MUST pay each month in order to regularise
your credit card account. Typically this will be expressed as a
percentage of the statement balance.

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For help or information on finance in the UK please visit the Governments Financial Services Authority at: http://www.fsa.gov.uk/
* Balance Transfers : Made within 6 weeks after account opening. After the specified period Balance Transfers charged at standard purchase rate. Payments applied towards Balance Transfers first.
**You are advised to check the card issuer's Terms & Conditions for up to date information relating to interest rates, fees and charges.
MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.