Credit Card Definitions For The Letters S Through Z
A - B | C | D - F | G - M | N - R | S - Z
S
Secured Card - a type of credit card that is linked to a bank account. A person's credit limit is based on how much money they have in their bank account. This card is ideal for people who have problems spending more than they can pay off.
Settled Account - means a customer has repaid their credit card balance.
Skimming - the act of copying one credit cards magnetic strip information onto a different credit card. If a person has purchases on their statement that they know they didn't make they should contact their credit card company immediately.
Statement - shows your balance transfers, finance charges, interest rate, payments, purchases, and rewards for last month's billing cycle. A statement is usually mailed to a person every month.
T
Teaser Rate - also called the introductory rate, this is the below market interest rate offered when a person first applies for a credit card.
Transaction - the act of purchasing an item, receiving a cash advance, transferring a balance, or making a payment. Your transactions are listed on your monthly statement.
Two Cycle Average Daily Balance - When figuring the interest on a credit card. The company will take the average of the last two billing cycles. If a person has this on their credit card they should switch cards, because you will pay a lot more in interest than a credit card that uses average daily balance to figure the interest.
Two Cycle Billing - means the same thing as two cycle average daily balance. You should find a credit card that uses average daily balance to calculate interest. To find out which method your credit card company is using you need to look at your statement or your contract. If you still can't find it you can call the company and they are required to tell you.
U
Right now we do not have any definitions for the letter U. If you would like to recommend a word please contact us.
V
Variable Interest Rate - The interest rate on a credit card that fluctuates based on the prime rate.
Void - to invalidate. When you void a check, you are canceling the check so no one can cash it. When you void a credit card transaction you are reversing the transaction.
W - Y
Sorry but we do not have any terms for the letters w, x, or y at this time.
Z
Zero Balance - When a credit card customer's bill has been paid off and there are no new charges during that billing cycle.
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