{"id":2072,"date":"2021-01-04T09:00:57","date_gmt":"2021-01-04T05:00:57","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=2072"},"modified":"2021-01-04T09:03:07","modified_gmt":"2021-01-04T05:03:07","slug":"credit-card-terms-explained-glossary","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/","title":{"rendered":"Credit card terms explained &#8211; Glossary A-Z I Jargon Buster"},"content":{"rendered":"<h1><span class=\"ez-toc-section\" id=\"Credit_card_terms_explained_%E2%80%93_Glossary_A-Z_%E2%80%93_Jargon_Buster\"><\/span>Credit card terms explained &#8211; Glossary A-Z &#8211; Jargon Buster<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span style=\"font-weight: 400;\">In the process of getting a <\/span><b>credit card<\/b><span style=\"font-weight: 400;\">, you might come across a massive array of jargon(technical terms) which you may not have an idea about what they mean. It is very important to have certain knowledge about the jargon before signing up for an agreement. So here we provide you with a quick guide.<\/span><\/p>\n<figure id=\"attachment_2074\" aria-describedby=\"caption-attachment-2074\" style=\"width: 456px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2074\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2021\/01\/vocabulary.png\" alt=\"Credit card terms explained - Glossary A-Z\" width=\"456\" height=\"456\" \/><figcaption id=\"caption-attachment-2074\" class=\"wp-caption-text\">Credit card terms explained &#8211; Glossary A-Z<\/figcaption><\/figure>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b414fe3494\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b414fe3494\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Credit_card_terms_explained_%E2%80%93_Glossary_A-Z_%E2%80%93_Jargon_Buster\" >Credit card terms explained &#8211; Glossary A-Z &#8211; Jargon Buster<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Account_Number\" >Account Number<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Annual_fee\" >Annual fee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#APR\" >APR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Balance_transfer\" >Balance transfer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Cash_advances\" >Cash advances\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Cashback_credit_cards\" >Cashback credit cards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Credit_history\" >Credit history<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Credit_Limit\" >Credit Limit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Credit_rating\" >Credit rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Credit_Scoring\" >Credit Scoring<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Foreign_exchange_commission\" >Foreign exchange commission<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Handling_Fee\" >Handling Fee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Interest-free_Period\" >Interest-free Period<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#New_purchases_credit_card\" >New purchases credit card<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Outstanding_balance\" >Outstanding balance\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Payment_Protection_Insurance_PPI\" >Payment Protection Insurance (PPI)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Contactless_payment_technology\" >Contactless payment technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Statement\" >Statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Transaction\" >Transaction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Typical_rate\" >Typical rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-card-terms-explained-glossary\/#Variable-rate\" >Variable-rate<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"Account_Number\"><\/span><b>Account Number<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A unique number assigned to a customer. It can be found on your credit card.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Annual_fee\"><\/span><b>Annual fee<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Many <\/span><b>credit card<\/b><span style=\"font-weight: 400;\"> issuers will not cost an annual fee, It is the amount you need to pay in order to use the credit card. The annual fee is different for different cards.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"APR\"><\/span><b>APR<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is abbreviated as Annual Percentage Rate, It is the total cost of borrowing in a course of 12 months if you owe money on your <\/span><b>credit card<\/b><span style=\"font-weight: 400;\">. However, if you pay it on time,you will not pay any interest.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Balance_transfer\"><\/span><b>Balance transfer<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you have a credit card whose balance is still to be paid. You could shift to a new card where this card will pay your balance on your old card, the interest rate on your balance transfer may be as low as 0% for the introductory period. So you owe the new card the balance instead of the old.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cash_advances\"><\/span><b>Cash advances\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When you use your credit card in ATM or bank to pull out cash on your <\/span><b>credit card<\/b><span style=\"font-weight: 400;\"> account. Cash advances usually attract a high-interest rate and can incur a handling fee.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cashback_credit_cards\"><\/span><b>Cashback credit cards<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When you <\/span><b>credit card <\/b><span style=\"font-weight: 400;\">bank or issuer will pay back some percentage of your spending on using the card.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Credit_history\"><\/span><b>Credit history<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is a report or a statement that includes all your credit transactions like information of your personal loans, mortgages, <\/span><b>credit cards<\/b><span style=\"font-weight: 400;\">, hire purchases and the information of your missed payments and delinquints.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Credit_Limit\"><\/span><b>Credit Limit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It the maximum amount you owe on your <\/span><b>credit card<\/b><span style=\"font-weight: 400;\">.If you try to cross your limit, your card may be declined. If you still managed to go over this limit, you may also have to pay your card issuer extra charges.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Credit_rating\"><\/span><b>Credit rating<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It evaluating your creditworthiness based on your credit report.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Credit_Scoring\"><\/span><b>Credit Scoring<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The credit scoring system awards point to the information you provide on your application form, plus the information recorded on your credit report. A credit card issuer first uses your credit score to determine whether to provide you with a card or not and if so what to set your credit limit too.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Foreign_exchange_commission\"><\/span><b>Foreign exchange commission<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is commission added by <\/span><b>credit card<\/b><span style=\"font-weight: 400;\"> company when it calculates the cost of purchases made abroad back into pounds sterling.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Handling_Fee\"><\/span><b>Handling Fee<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This is a charge that your credit card issuer adds in your balance when you make some transactions using your card abroad, using a credit card cheque, or drawing cash from your card.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Interest-free_Period\"><\/span><b>Interest-free Period<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is the period between when spending on something by using the card and the dates that you need to pay your monthly credit card bill. This period would be 50 days or more and is interest-free if you settle your bill in full every month.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"New_purchases_credit_card\"><\/span><b>New purchases credit card<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is a type of credit card with an introductory interest rate on new purchases for a limited time.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Outstanding_balance\"><\/span><b>Outstanding balance\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This money you still owe on your credit card after making a payment on your monthly bill.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Payment_Protection_Insurance_PPI\"><\/span><b>Payment Protection Insurance (PPI)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is the extra fee that you need pay along with your monthly bill on your credit cards as an insurance policy,It helps you in the case where you are unable to make payments on your bills due to illness, or redundancy. The insurance can pay your agreed amount.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Contactless_payment_technology\"><\/span><b>Contactless payment technology<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is a new quick way to make purchases by simply holding your credit cards against the reader at the till where you can enjoy the same fraud protection as Chip and PIN.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Statement\"><\/span><b>Statement<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is the credit card bill which shows how much you spend in the period, what you owe, the minimum amount you must pat, and the latest date you can pay it.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Transaction\"><\/span><b>Transaction<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Any payment made (or cash is withdrawn) by you or an additional cardholder using the card or card number.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Typical_rate\"><\/span><b>Typical rate<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is the APR\u00a0 that a bank offers to most of the people who apply for a <\/span><b>credit card<\/b><span style=\"font-weight: 400;\">. The interest rate you will be offered will be based on your credit history and you won\u2019t necessarily get the typical rate.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Variable-rate\"><\/span><b>Variable-rate<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It is the interest rate that changes according to the market conditions<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keywords:credit card,jargon,interest rates<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit card terms explained &#8211; Glossary A-Z &#8211; Jargon Buster In the process of getting a credit card, you might 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