Joint account A joint account is a term used for a credit card account shared by two or more persons. Usually it is used by couples or business partners. All parties involving with the account bear all liabilities along with enjoying rights of the credit card account such as if the account is over drafted, [...]

Introductory rate (or intro APR) Introductory annual percentage rate (also known as intro APR or Teaser Rate) is known as an incentive by the company to promote its products among the cardholders. Usually it is offered for at least six months from the receiving new credit cards.

Hard inquiry Hard inquiry (or Hard Pull) is used in credit score computation. Generally, when a credit card user, bank or any third agency requests for getting a copy of consumer’s credit report is known as a hard inquiry. A few hard inquiries don’t affect the credit score but frequent hard inquiries for a long [...]

Garnishment Garnishment is a term used for court settlement of a debt especially in case of debt bankruptcy. In garnishment a debtor’s income or pay check is acquired by the court to pay the creditor’s debt amount, moreover it may be seized until the debtor would not pay his full debt. Grace period Grace period [...]

FICO score FICO Score a specialized variation of credit score analyzed by FICO. It is a three digit number value evaluated with the credit history and available information (such as income, repayment behavior, credit lines outstanding, debt to income ratio, mix of credit, debt repayment capability, etc.) of the credit card user. It shows the [...]

Debt consolidation Debt consolidation is the aggregation of two or more loan accounts with a new single loan. This new loan offers low interest rate with a longer repayment period. Often this is used to resolve the debt bankruptcy issues. In debt consolidation cardholder is offered opportunity to transfer their balance from higher interest cards [...]

Card member agreement Card member agreement is an agreement which is made between the credit card issuer company and cardholder. It provides complete details of the terms & conditions of a credit card account. It contains information about various charges like annual fee, interest rates, APR, dispute resolution process etc. Company can amend this agreement [...]

Bad Credit Bad Credit is defined as a poor credit score and may stop you to getting more credit/ loan in the future. Bad credit shows the financial behaviour of the card user and includes exceeding card limits, skipping payments, making late payments or declaring bankruptcy. Balance transfer fee Balance transfer fee is changed from [...]

Additional cardholder Often in joint account we prefer to have an additional card for someone else defined as Additional cardholder. In the case of additional card the original cardholder bears all payments made by either himself or the additional cardholder. Affinity card An affinity card is a kind of credit card that is issued in [...]