Glossary of Terms
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Annual Percentage Rate (APR)
The cost of your credit as expressed as an annual rate.
Automatic Payment Plan
A service which automatically makes credit card payments by transferring funds from your checking or savings account.
Available Credit
The amount of unused credit available. Available credit is computed by subtracting the current unpaid balance from your total credit line.
Balance Transfer
The process of moving an unpaid credit card balance from one issuer to another.
Billing Cycle
The interval between regular monthly statements. It includes the day after the previous billing cycle closing date through the current closing date of the account.
Cash Advance
A cash loan drawn from the available credit of your credit card account. There is no grace period for cash advances. Interest accrues daily until the complete balance is paid in full. Transaction fees may apply.
Convenience Check
A convenience check works like a personal check except the amount is charged as a cash advance to your credit card account. This check can be written to your choice of recipients and for any amount up to your available credit limit. These types of checks are posted as cash advances on your credit card statement, and transaction fees may apply.
Credit Limit
The largest amount you can carry as the unpaid balance on your credit card. If you exceed this amount an Overlimit Charge may be imposed.
PIN
Personal Identification Numbers (PINs) are secret numbers that customers use to access their accounts via ATMs.
Variable Interest Rate
The interest rate a borrower pays for the use of money, usually expressed as an index plus a spread. The interest rate fluctuates in tandem with a rate index.
