Glossary A - C

A credit card authorized user is someone who is able to make purchases on a credit card, but isn't legally liable for the credit card balance.

a yearly fee ranging from $15 to $300 charged by the credit card company for the convenience of the credit card

the fee charged by a credit card company or bank for processing your application for credit

annual percentage rate

a method of calculating finance charge

the fee imposed for making a balance transfer

the process of moving credit card debt from one credit card to another

a legal process in which a debtor asks the court for relief from its creditor and lenders

the period of time between billings

a statement listing the purchases, payments and other debits and credits made to the credit card account within the billing cycle

the fee imposed when you take out a cash advance against your credit limit.

cash borrowed against your credit card balance

a credit card without a credit limit requiring the balance to be paid in full at the end of each month

debt that has been determined uncollectible by the original creditor, usually after the debtor has become seriously delinquent

an agency that collects and maintains individual credit information

a period of time when credit is costly or difficult to obtain, usually both

an entry on a credit report that shows a business has requested a copy of the report

the maximum amount that can be borrowed on a credit card

a report maintained by a credit bureau detailing your credit history

a numerical summary of the information contained in your credit report

the amount of purchasing power you have

Many people mistakenly think Visa or MasterCard is their credit card issuers, but that's not the case. Who is your credit card issuer?

A bank levy happens as the result of a court order. In a bank levy, the creditor is allowed to take money from your bank account to satisfy a debt.