Credit Card Definitions For The Letter C
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Card Holder Agreement - The printed agreement that states the terms and conditions of a credit card account. The cardholder agreement is required by Federal Reserve regulations. It must include the annual percentage rate, the monthly minimum payment formula, annual fee if applicable, and the cardholder's rights in billing disputes. Changes in the cardholder agreement may be made, with written advance notice, at any time by the issuer. Rules for imposing changes vary from state to state, but the rules that apply are those of the home state of the issuing bank, not the home state of the cardholder.
Cash Advance - an instant loan from a credit card company. The advance is charged interest the day it was requested until it is paid off. A cash advance usually has a higher interest rate than regular purchases and some credit card companies charge a transaction fee.
Cash Advance Fee - a fee charged when a person uses their credit card to receive a cash advance. This fee is either a percent of the amount received or a flat rate. Please check your credit card agreement to find the terms of your cash advance fee.
Cash Back - a credit card company pays a card holder a percentage of the purchases they make usually between %.05 to 5%.
Chargeback - a customer disputes a charge on their credit card, and the credit card company removes the charge from the customers bill and charges the merchant for the purchase.
Charge Card - a card that does not charge interest, but the balance must be paid in full every month.
Compounding Method - the way a credit card company figures the interest rate.
Consumer Credit - a loan that is given to a person for personal use.
Credit Balance - amount of money a bank owes to a customer. This can happen when you buy something and return it. The merchant then credits your card the price.
Credit Bureau - a business that records people's credit habits including; number of credit cards, payment habits, balance on credit cards, and employment history. A person has the right to see their credit file.
Credit Card Number - an exclusive number assigned to each card.
Credit History - a record of a person's debt and repayment of debt.Credit Limit - the maximum amount a person can borrow from a credit card.
Credit Rating - a rating based on a persons ability to pay interest and repay a credit card balance.
Credit Report - a document that lists a person's credit history. This can include; credit, employment, residence, judgments, tax liens, bankruptcies or similar matters of public record entered against the individual.
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