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Additional Cardholder – This is anyone who you add to your
account, meaning that they, too, will hold a credit card with
the same account number on it, but with their own name. They will
be able to make purchases as freely as you do.
Annual Fee – This is a payment made yearly that is simply
for the privilege of having the card. This does not pay down your
balance or finance charges.
Annual Percentage Rate (APR)- This is a percentage rate charged
each month on the balance on your card leftover after your payment.
Balance Transfer – This is when you move the balance from
one or more credit cards to another credit card.
Billing Cycle – The time (usually a month) between two credit
card bill statements.
Card Issuer – The bank or company to whom you pay the balance
on your account as well as the finance charges.
Cardholder – You! Once you are given a credit card.
Cash Advance – This is a loan, in cash, taken off the amount
of credit available on your credit card.
Credit Limit – This is the highest amount you can charge
on your credit card without 'maxing it out.'
Finance Charge – Fines and fees that are charged to your
account based on how much is left over after your payment is made.
Fixed Rate (or Fixed APR) –This is an APR that won't change.
Grace Period – Generally between 10 and 28 days, this is
the amount of time you have to pay off your purchases without
any finance charges.
Introductory Rate (or Intro APR) – This is a temporary (usually
low) rate assigned to new credit cards for a brief time.
Minimum Payment – This is the least amount that you can
pay each month without incurring late fees.
Variable Interest Rate – This is an APR that changes when
interest rates change.
Once you know these main terms it makes the process of making
an online credit card application that much easier.
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