Posted by Tom Wilkins on Thu 6th September 2007 at 06:00 AM, Filed in Glossary
The Fair Credit Billing Act is a US federal act that protects many important credit rights including your rights to dispute billing errors, unauthorized use of your account, and charges for unsatisfactory goods and services.
Posted by Tom Wilkins on Mon 23rd July 2007 at 06:00 AM, Filed in Glossary
This is a credit card endorsed by organistations, such as sports teams, colleges, commercial and professional organizations and offered to their members. It is usually an incentivised scheme by which use of the credit card incurs financial benefit for the endorsing organization.
Posted by Tom Wilkins on Fri 13th July 2007 at 06:00 AM, Filed in Glossary
An introductory APR is:
“A temporary, usually low, interest rate (expressed as an annual percentage rate) offered by providers to “introduce” you to their services. It will usually expire after a certain amount of time and may often be terminated based on your behavior, such as if you make a late payment or exceed your credit limit. Be sure to check the details of the offer for any limitations on an introductory APR.”
This is one term you should always check very carefully in the small print. What may look like a great deal, could have a sting in the tail after the lapse of the introductory APR deal. You have been warned!!
For those of you stumbling across this in a credit card offer here’s a definition:
“Performance (or Risk Based) APR is a variation on variable APR, but ibased on your payment performance. There is a standard APR when you open the account, but that APR will increase if you are late making a payment. If you are late making a payment more than once within a specified time (usually between 6 and 12 months), the APR may increase again. If the APR has gone up because of a late payment or late payments, it may go back to the standard APR if you are not late on your payments for a certain period (typically one year).”
A three day cycle is a service provided by BACS which ensures that the minimum amount of time processing a transaction is three days. This effectively means that instruction, processing of the instruction and entry of the instruction occur on consecutive days.
