Guide To Credit Card Terms By: John Mussi 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. About the Author: John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website .

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