Ever since Stacey Smith got her credit card, she has been trying to decode the alien credit card terms that the credit card companies use. Deciphering credit card terms is a task in itself! The credit card companies use fancy language, which we dont use in our everyday use. So much so that even filling the application form is a pain. What is needed is a good credit card glossary to enable mortals like us to understand credit card terms.
We have complied a simple to understand credit card glossary. In simple words, it is card which can be used to obtain cash, goods or services up to a stipulated credit limit. The glossary covers some of the most commonly used credit card terms.
Lets begin with the most basic account number. It refers to a unique number that is assigned to every credit card. Next in the credit card terms come annual fees. Some of the credit card holders are charged annually for holding the card. This is known as annual fees. Another credit card term that would be used frequently is APR. It is the rate at which card companies charge you every year for your account.
No credit card terms dictionary is complete without the term balance...
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