Glossary

Interest charged between when a credit card bill is send and when payment is received. Residual interest does not come into play if the consumer

Specifies party responsible for an account. Can be single, joint, cosigner, etc.

Credit available to a consumer that has a predetermined maximum limit as long as the consumer makes regular payments.

Debt that can be increased or decreased depending on interest rates, available credit, and payment amounts.

For rewards programs this is a fee charged to members. Not all credit cards charge this.

A credit card that rewards spending with cash back bonuses, airline miles or points. These types of cards usually have annual fees and requires that

Another name for a credit score.

Tool used to by creditors to determine if a consumer is credit worthy.

Status achieved when a consumer has paid all of the money he or she may owe.