The yearly amount charged for the use of a credit card.
APR-Annual Percentage Rate
APR is an acronym for: Annual Percentage Rate. It is the interest rate that a customer is charged on any outstanding balance.
The process of transferring an unpaid balance from one open credit card account to another, usually from different financial institutions. You can save interest if you transfer balances to a credit account with a lower interest rate.
Balance Transfer Fee
A fee charged by a financial institution to transfer a credit card balance from one account to another. This fee can range from 1%-5% of the balance amount.
A monthly record from your credit card issuer which describes and summarizes the activity on your account including the outstanding balance, purchases, payments, cash advances, credits, Interest Charges and other transactions.
The cardholder agreement is a document from a credit card issuer that outlines the terms and conditions for use of the credit card and the account.
Using your credit card to withdraw cash from an automated teller machine, bank teller or by writing a convenience cheque. The credit card issuer charges a cash advance fee for the transaction and begins charging interest from the date you take the cash advance.
A credit limit is the maximum amount that you can charge on your credit card.
Credit Card Issuer
A credit card issuer is a bank or financial institution who offers credit cards.
The period of time during which you are allowed to pay your credit card bill without having to pay interest charges. The interest-free period varies between 15 and 28 days.
The rate that a bank or credit issuer charges for the money you borrow. Essentially it is the cost of borrowing money.
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Late Payment Fee
A fee charged when a payment has not been received by the specified due date.
The smallest payment a cardholder can make during each statement period to keep the account in good standing.
A fee charged after the cardholder balance has exceeded their credit limit.
PIN (Personal Identification Number)
A security code that the customer uses with a credit card to authorize transactions such as purchases and cash advances.
A transaction that appears on your credit card account statement. “Posted” transactions have been processed by your issuer.
An additional user on the credit card account authorized to make transactions on that account. The authorized user is not liable for transactions made on the account.