Credit Card Vocabulary

An amount of money. In personal banking, balance refers to the amount of money in a savings or checking account. In credit, balance refers to an amount of money owed.

The lowest amount of money that you are required to pay on your credit card statement each month in order to keep the account in good standing.

Benefits and bonuses a credit card company offers to entice you to open a card, such as cash back or travel rewards.

Promotes the accuracy and privacy of information and enables consumers to receive a copy of their credit report.

Protects consumers from being discriminated by sex, race, marital status, religion or age when obtaining credit.

Ensures debt collectors follow specific procedures and protocols when collecting debts and protects against deceptive, abusive or unfair collection practices.

The percent charged every year on top of any outstanding payments currently on your card.

The fee you pay per year in order to keep your credit card.