Credit Card Definitions For The Letters A and B
A - B | C | D - F | G - M | N - R | S - Z
A
Account Number - a unique number given to a person. Your account number is the same as the credit card number.
Additional Card Holder - allows you to add a family member to your credit card. They have access to the same credit limit and interest rate that you do.
Annual Fee - a fee charged by a credit card every year for the right to use the credit card. Some credit card companies will remove an annual fee if you call them, and tell them you will cancel your card if they don't remove the annual fee.
Annual Percentage Rate (APR) - interest shown as a yearly rate.
Average Daily Balance Method - a way to calculate interest for a billing cycle. It is calculated by adding every day's balance and dividing that number by the number of days in the billing cycle. Then it is multiplied by the monthly interest rate. The final number is the amount of interest a person owes for that billing cycle. This is only used if a person does not pay their full balance.
B
Balance - the amount of money on a credit card that a person has left to repay.
Balance Transfer - moving a credit card balance from one card to another usually done when a bank offers a special interest rate on a transfer. For instance when you apply for a new credit card they may have an offer for 0% interest rate on balance transfers for 6 months.
Balance Transfer Fee - a fee charged for transferring a credit card balance from one account to another. Usually the fee is 1% to 5% of the total balance transferred. Not all credit cards have this fee.
Billing Cycle - a period of time between credit card bills usually a month to 25 days.
Billing Statement - a monthly credit card bill that shows a person's balance, due date, finance charges, payments, purchases, and rewards.
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