Glossary        
         

Credit Limit-
The amount of money that you can borrow to make credit card purchases. This limit is based on several factors including your credit repayment history.

Annual Fee-
A yearly fee that credit card companies charge you (outside of interest payments) for the use of their card; usually $50 to $100.

Grace Period-
A period of time between the date of purchase and the payment due date when the charged amount can be paid off without incurring interest.

Unsecured Credit Card-
A card whereby the issuer do not request a deposit to offset the line of credit. Issued to clients with a good credit rating

Secured Credit Card-
A card whereby the issuer requests a deposit to cover the line of credit. Issued to people with a poor credit rating.

Personal Identification Number (PIN) -
A security number that is attached to the credit card. Some cards require the PIN to be given to complete the credit card transaction. Usually this number can be changed by the cardholder.

Available Credit-
The amount of credit thats available for purchases; the credit limit amount minus the balance owning.

Annual Percentage Rate-
This is your annual rate, listed on your statement, of interest charged (outside of introductory rates) on the cost of your purchases.

Minimum Payment-
The minimum payment that you must make during a month to meet your repayment requirement.

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