Posted by Peter Brady on Fri 29th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
These are credit cards which offer a charitable one off donation which can be around £5. Further, a small proportion of your total expenditure goes to a charity. This can be around 0.25%.
This type of card is becoming increasingly popular. Balancing the moralistic perspectives of credit card usage.
Many charities have set up credit cards through partnerships with banks. Even some sporting institutions such as football clubs have their own cards - unfortunately these often provide highly uncompetitive terms.
Posted by Peter Brady on Thu 28th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
BACS cycle means the three working day cycle, implemented for a payment instruction to be submitted to BACS for administration including the elapsed time it takes to reach the account destination. The cycle includes the following steps:
• Arrival
• Input
• Processing
• Entry
Posted by Peter Brady on Wed 27th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
AWACS Advice of Wrong Account for Automated Credits Service. If a Direct Credit has incorrect account destination information the receiving bank will attempt to locate the correct account and advise the originating organisation of the details. AWACS is the automated system used by the banks to notify the organisation of the correct details to be used for future payments.
Posted by Peter Brady on Tue 26th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
The Association for Payment Clearing Services manage the main clearing networks which allow UK banks and building societies to exchange payments.
Posted by Peter Brady on Mon 25th September 2006 at 07:00 AM, Filed in
Average Daily Balance is a method used to calculate finance charges. It is calculated by adding the outstanding balance on each day in the billing period, and dividing that total by the number of days in the billing period. The calculation includes new purchases and payments.
