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18TH MAY 2008
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Students and graduates thinking of getting a credit card - Read through the information below. Credit cards are an easy way to get into debt so you should be sure you're making the right decision.
A Brief look at....
Credit cards and the terminology used by banks can be baffling at times, but it is important for every credit card holder to understand just what those often difficult to understand terms mean. This article focuses on defining some of the most commonly used credit card terms.Account setup fee – This is the fee that some banks charge to set up the account. These fees are more commonly seen with prepaid credit cards.Annual fee – Some credit cards charge an annual fee for their cards. This annual fee is generally payable at the same time every year.Application – The application is the form you fill out when applying for the credit card. This form can be either a paper form or, in the case of an internet application, an electronic form.Approval- An approval indicates that the bank has said yes to your application.Balance transfer – This means taking the balance on the current card and transferring it to another credit card, presumably one with a lower interest rate or more favorable payment terms.Business cards – These credit cards are used to make purchases of a business nature.Cash back – Some credit cards provide cash back to cardholders, based on the amount of purchases made on the card.Consolidation – Consolidation refers to taking all the debts owed and combining them into one payment, generally through taking out a lower interest rate loan.Credit bureau – The credit bureau, also called a credit reporting agency, keeps the credit history of each cardholder on file.Credit history – The credit history is the background regarding loans, credit cards, mortgages, etc., held by the cardholder.Debt – This refers to the total amount of money owed.Gold card – A gold card is a premium card which is offered to those with the best credit ratings, and it generally has a higher credit limit than the standard card.
Provided by The Student Zone (United Kingdom)
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