Credit cards, as part of the financial industry, use a massive array of jargon. You can't be expected to recognise all these technical terms, and some of them are quite important - so here's a quick guide, in alphabetical order.
Debt Consolidation And Credit Affinity card. This is a credit card that gives a certain amount to a charity of your choice, depending on how much you spend. It is generally best to avoid any charity that wants you to sign up for such a card - don't let guilt lead you to a high interest rate.
Whether you need to transfer a credit card balance or find a new credit card, our simple search will quickly help you find the best credit card from some 120 UK providers. Compare standard rate credit cards and credit cards with introductory rates and rewards.
Check Credit Rating APR. Annual Percentage Rate. This is your overall interest rate, calculated yearly, and given as a percentage of your balance.
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Improve Credit Rating ATM. Automated Teller Machine. A cash machine. It will give you money when you put your credit card in, but will probably charge an extra fee.
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Credit Online Rating Report Balance transfer. This is when you transfer your debt ('balance') from one credit card to another. The usual reason for this is to try and keep as much debt as possible on a lower-interest card.
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Credit Score Rating Scale Credit limit. Your credit limit is the maximum amount you can spend or withdraw from your card. Going over your credit limit will result in your card no longer being accepted, and you being charged an over-limit fee.
And don' If you have a higher credit score, you can generally negotiate a lower interest rate on credit cards. That's why it's always a good idea to check your credit score before applying for a card. If your score is above 600, you may qualify for a lower interest rate. If you have a low credit score or your credit is not well established, you may be turned down for a credit card or be required to get a secured credit card. A secured credit card requires a cash collateral deposit that becomes the credit line for the account. Almost every secured credit card charges an annual fee, and these fees vary, depending on your credit score.
Bad Card Credit Credit People Fixed rate. A fixed rate card is one where you are given a rate when you sign up for the card and that rate, at least in theory, stays the same for the whole time you have the card. In practice, though, interest rates can be changed for almost any reason.
Free Credit Rating Report Grace period. Your grace period is the amount of time between when you spend money and when you start paying interest on it. Good cards can have a grace period of up to two months - bad ones might not have one at all.
Credit Rating Scale Minimum payment. A minimum payment is the absolute lowest amount you can pay back to the credit card company each month - you should pay more, but you don't have to. Minimum payments are usually around 2% of your balance.
Bad Credit Rating Sub-prime. This is a phrase used in the industry to describe customers who are a bad credit risk, but are seen as worth lending to anyway. If you are identified as sub-prime, you'll start getting offers for loans secured on your property - they know that if you can't pay, they'll get their money anyway.
Credit Rating Agency Teaser rate. A 'special offer' low rate, usually written in enormous letters. You will see many offers with "LOW 4.9% APR" in inch-high letters, followed by "for first six months, 21.9% thereafter" in microscopic ones. Teaser offers can sometimes be worth taking, but not if they tie you in for longer than the period of the offer.
Credit Rating Canada Variable rate. This is an interest rate that is worked out by adding a certain amount to the current base rate. Taking this option will allow your credit card to be affected by changes in national interest rates - a good idea if you think they might go down, and a bad one if they're on the way up.
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