Learn The Credit Card Business Jargon And Stop Your Debt Cold
Credit card companies, as part of the financial industry, use a massive array of jargon. If you understand the terms you can stay on top of your credit card debt. While you can’t be expected to recognize all the technical terms, some of them are quite important so here is a quick guide, in alphabetical order.
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 and dont let guilt lead you to a high interest rate.
APR
Annual Percentage Rate. This is your overall interest rate, calculated yearly, and given as a percentage of your credit card debt balance.
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.
Balance transfer
This is when you transfer your balance from one credit card to another. The usual reason for this is to try and keep as much credit card debt as possible on a lower-interest card.
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