Credit Card Verification:1-800-228-1122 opt1-VISA,

                                                              opt2-Master Card

Major credit agencies:     Experian      1-800-301-7195

                                        Equifax        1-800-525-6285

                                        Trans Union  1-800-680-7289

Annual Fee

A yearly fee charged for maintaining a credit card account. Most credit card companies have no annual fee.

Annual Percentage Rate (APR)

A charge on an outstanding balance on your credit card calculated on an annual basis.  This is the rate that will be applied after an introductory APR offer period has expired.

Introductory APR

Many credit card providers offer special introductory rate to attract your business. The introductory rate offered is typically 0% for a limited period of time. Then Intro APR rate will usually go up to the standard rate or an Annual Percentage Rate (APR).

Business Credit Card
These credit cards are issued to corporate executives or business owners. They help to keep business expenses separate from personal charges.

Balance
A credit card balance refers to the amount of money owed or an outstanding amount of money on your credit card.

Balance Transfer

The transfer of debt from one credit card to another.
Allows you to use the available credit on one credit card and pay off another, ideally with a lower cost. Introductory offers frequently allow you to transfer balances from any other credit cards or store cards.

Cash Advance
Cash withdrawn from the available credit of your credit card account. Typically, the card issuer charges a cash advance fee for the transaction and begins charging interest immediately. There is no grace period for cash advances.

Cash Back
This is a 'reward' scheme, where you are offered some financial rebate for transactions using the credit card. The interest rate and the terms and conditions for cash back schemes vary significantly between credit card companies.

Charge Card
A charge card account must be paid in full every month. Typically charge cards do not charge interest, but late fees can apply if full payment is not received by the due date.  American Express offers a charge card.

Credit Limit

The maximum amount that you can charge on your credit card. Also known as Credit Line.

Credit Card
Credit cards allow you to carry over portions of your balance from month to month.  To protect your credit rating, be sure to pay at least the minimum amount due by the payment due date.

Fixed Rate

A fixed rate credit card is when the APR doesn’t change, or at least doesn’t change often. Even the APR on a “fixed rate” credit card can change over time. If this is the case the credit card company must notify you before increasing the fixed APR.

Minimum Payment
Shown on your credit card statement, the lowest amount you must pay every month, based on that month's balance at the time of billing.  Paying only the minimum amount you are not paying back the money borrowed but only the interest.

Secured Credit Card

A credit card "secured" by money you deposit in a designated savings account. Your credit line is determined by the amount you deposit.