AllCreditCardsReview.com

Zombie debt A zombie debt is an old credit card debt beyond the time limit that could not be collected by the debt collectors. However, according to courts these are dead but debt-collecting agencies make their efforts to collect maximum amount from the debtor as much as they can receive, hence they don’t let them [...]

VantageScore VantageScore is a credit score ranging from 501 to 990. It was introduced by three major credit bureaus TransUnion, Equifax and Experian in March 2006 as a reply of FICO score. It is a three digit numeric value and tells about the debtor’s financial risk. Void Transaction Void transaction is a term for deletion [...]

Universal default Universal default is a process in which credit card issues may increase credit cardholder’s interest rates in case of finding a change in debtor’s risk profile. It is a common practice among credit card issuers and financial institutions. Unsecured credit cards Unsecured credit cards are the most common type of credit cards. These [...]

Teaser rate Teaser Rate (also known as Introductory annual percentage rate or Intro APR) is known as an incentive offered by the company to promote its products among the cardholders. Usually it is offered for at least six months from the receiving date of new credit cards. Terms and conditions Terms & conditions is the [...]

Schumer Box Schumer Box is a term related to consistent terms & conditions concerned with credit card offers. It was named to honor the Sen. Charles Schumer. Charles Schumer was the Chairman of the Senate Banking Committee and passed landmark consumer protection legislation. Schumer Box helps consumer to compare cards in terms of annual fees, [...]

Recurring Billing Recurring billing is a transaction process in which a cardholder allows the trader to charge from his credit card account for recurring services or particulars. Reference Number Reference number is an assigned number to each monetary transaction for the descriptive billing information. It is printed on the monthly statement and may be used [...]

Qualifying Ratios Qualifying Ratio is the percentage of income spent on housing debt and combined household debt. The ratio concerned with housing debt is known as front ratio and is the percentage of monthly income before paying taxes. The other ratio related with combined household debt is called back ratio, is the total of the [...]

Payment due date Payment due date is the fixed monthly date that allows cardholders to pay their due payments without any surplus charges, fees or interest amount. PIN (Personal Identification Number) A Personal Identification Number (PIN) is a digit based number (aka a kind of Password) and used to verify the identity of the cardholder. [...]

Online bill presentment and payment Online bill presentation and payment is a modern billing process by which a user can receive and view their credit card bills through their online account services (not by email) and can pay by transferring money from their bank accounts to their credit card account. Open-end Credit Open-end Credit is [...]

Non-dischargeable debt Non-dischargeable debt is also known as “discharged debt” (in legal terms), that is filed after bankruptcy. It includes all debts, financial responsibilities, other liabilities, unpaid taxes and fines for criminal charges.

Mail/Phone Order Transaction A mail/ phone order transaction is a transaction made by telephone, mail or other ways of telecommunication where neither the cardholder nor the card is present on the trader’s shop. Minimum finance charge Minimum finance charge is a fee that you have to pay if the calculated amount of your finance charge [...]

Late payment fee Late payment fee is applied on credit card holder who does not pay his/ her debt on or before due date. Usually credit card companies charge a fixed percentage of the balance amount as late payment fee. LIBOR Rate LIBOR Rate is derived from London Inter Bank Offered Rate and it is [...]