The following terms might be helpful to you.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A
ATM

It allows you to bank anywhere, anytime. When you use your debit card or ATM card in an ATM, you can withdraw cash from checking or savings account; make a deposit, and other transactions. You must be aware that many banks charge transaction fees when using other bank's ATMs.

Annual Fee

Many card issuing companies apply an annual charge to help cover the costs of maintaining your account.

Also known as Annual Interest Rate is the interest percentage you pay over outstanding balance.

C

Credit history

A record of your bill payments in the past, used as guide to determine the chances of you paying your bills on time in the future.

Credit Line

Also known as credit limit. This is the maximum amount you can use on your credit card.

F
Fixed rate
Is APR that doesn’t varies, regardless of changes in interest rates or conditions. A variable APR rises or falls according to market variations.

Finance charges

The price paid to a lending institution for money borrowed. The interest is charged as a percentage of you outstanding balance (purchases and charges reduced by payment or credit). This percentage, or interest rate, varies from card to card.

G
Grace Period

The period of time (usually between 20 to 25 days) in which there is no interest charges over purchases made. For example, if the closing date of your statement period is May 1st, and you paid your previous balance in full, you could have until May 20th to pay the new balance of your statement. If you don’t, you’ll be charged interest. If you make your payment after May 20th or, if you don’t pay your balance in full, you could incur interest charges from the date of the purchase. Some transactions have no grace period, meaning that interest occur from the date of the transaction.

I

Introductory Period
The period of time during which the introductory rate is applied to the balance of your account.

Special APR that is valid during a limited time.

M

Merchant

Place or store where purchases are made.

O
Online banking

The online system offers communication between the bank and your personal computer through the Internet.

P
PIN

PIN is the secret numbers you assign your card in order to safely access your money, do ATM transactions, as well as purchases, without having to sign the receipt in establishments that use the PIN platform. Never share your PIN with nobody.

R
Reward Program
A reward program is based on points earned by purchases or transactions made with your card. These points can be exchanged for the program you enrolled (air lines, hotels, etc.) Banks could apply annual charges for participation in rewards programs.

T
Travel assistance services

Gives you access to useful information regarding travel needs; including documents (visas, passports), vaccines, and money exchange. The enrollment is automatic to eligible cardholders, and the assistance service is free.

W
World Acceptance
Over 25 million places accept credit cards; no need for money.

You can get money fast by using your credit card in a bank or ATM. The amount of withdrawn will be deducted from your line of credit or amount available in your account. An advance charge will occur when withdrawing money from your credit card. Besides that, the interest rate is usually higher than the regular ones and payment is due in full at the end of the period.