A yearly fee charged by some credit cards for use of the card. Most Discover Cards do not have an annual fee.
A periodic percentage rate that determines the finance charges you pay on your account.
Moving an unpaid balance from one open credit account to another. You will save money if you transfer balances to a credit account with a lower interest rate.
The length of time between your statements. Discover Card billing cycles are approximately one month in length.
This the new rule that provides details of your agreement.
A written document that provides details of your agreement with the credit card issuer.
Using your credit card to get cash from a bank, ATM, or by writing a convenience check. Typically, the card issuer charges a cash advance fee for the transaction and begins charging interest immediately.
A specific kind of card that requires full payment of your balance with each billing cycle. Typically charge cards do not charge interest, but late fees can apply if full payment is not received by the due date.
The CID is the three-digit number at the far right on the back of your credit card and is also called a card verification (cvv) number. Merchants may ask for the CID to verify that you have the card in your possession at the time you make a transaction. When using a Secure Online Account Number, please use the three-digit CID generated for that secure account number.
The maximum amount that you can charge on your credit card.
A report about your credit history that lenders (credit card companies, mortgage companies, loan agents,etc.) consult to determine if and how much money they should lend to you. Your history for making timely payments, any outstanding debt and open lines of credit are all shown on your credit report. Your credit report is available from credit bureaus such as Equifax, Experian and TransUnion.
A card issued by a bank that directly accesses available funds from a bank account, typically a savings or checking account.
When a customer doesn’t make a required payment to a credit card account, or otherwise violates the terms of the agreement between the credit card company and the customer.
Certain charges that can be incurred when using a credit card. Interest charges include interest costs.
The rate at which a credit card company or other lender charges a customer for “borrowing” money. It is a percentage of the amount borrowed.
A lower APR provided by a credit card company for a limited period of time.
A fee charged when a payment has not been received by the specified due date.
The smallest payment a customer can make each statement period to keep the account in good standing.
A higher APR the credit card company charges after the customer has made late payments, exceeded their credit line, or otherwise did not abide by the Cardmember Agreement.
A security code that the customer uses with debit and credit cards to authorize transactions such as cash advances. This PIN is different from the user ID and password customers use to access account information online.
A potential customer who has passed an initial credit bureau evaluation.
An index rate that determines the interest rate a bank will charge customers. It is one way that a credit card company determines APRs.
When your billing statement shows no outstanding balance and no new charges have been incurred.