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Credit Card Terms & Definitions

C

Cash Advance
Cash Advance Apr
Cash Advance Fee
Cash Back Credit Card
Cash Back Rewards
Contactless Payment
Credit Card
Credit Card Issuer
Credit Card Network
Credit Report
Credit Score
Current Balance
A cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit. For a credit card, this will be the credit limit (or some percentage of it).
The cash advance APR is the annual percentage rate of interest you have to pay for credit card cash advances. It's typically higher than the APR for ordinary purchases. If you have a credit card with a special introductory rate, that rate usually doesn't apply to cash advances. A cash advance APR may be as high as 25 percent.
A credit card cash advance fee is what the credit card company charges you to make a cash advance. Most companies charge a flat fee or percentage of the transaction – whichever is greater. You can make the transaction at a bank or ATM, or by cashing checks provided by your credit card company at your local bank.
As the name implies, cash back credit cards reward your expenses with cash. The cash back amount you get is set to the percentage rate. How much money you can get, or you can have is unlimited. Cash back can be redeemed for your balance, credit card shopping portal, gift card or statement deposited in a bank account. Find more Cash Back Credit Cards. Find More Cash Back Credit Card
A cashback reward program is an incentive program operated by credit card companies where a percentage of the amount spent is paid back to the card holder. Many credit card issuers, particularly those in the United Kingdom and United States, run programs to encourage use of the card where the card holder is given points, frequent flyer miles or a monetary amount. This last benefit, a monetary amount, is usually known as cashback or cash back reward.
Contactless payment is a secure method for consumers to purchase products or services via debit, credit or smartcards (also known as chip cards), by using RFID technology or near-field communication (NFC).
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus the other agreed charges. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. In other words, credit cards combine payment services with extensions of credit.
A credit card issuer is a bank or credit union who offers credit cards. The credit card issuer extends a credit limit to cardholders who qualify for the credit card. When consumers make credit card purchases, the credit card issuer is responsible for sending payments to merchants for purchases made with credit cards from that bank.
Credit card networks are the bridge between merchants — the shops that accept your credit card — and the banks that issue the credit cards themselves. Of the networks, you’ll find four major players: Visa, Mastercard, American Express and Discover. Visa’s network owns the wide majority of the market share worldwide, followed by Mastercard, Discover and American Express. Networks set the fees that a retailer pays when you swipe your card for purchases. Called interchange fees, these costs can vary by credit card brand, swipe location and transaction type — for instance, in a store, online or by phone. In the US, merchants typically pay to the network about 2% of your total transaction in fees. Credit card networks also: Decide where credit cards can be accepted. Approve and process transactions. Facilitate payments among cardholder, merchants and issuers. Networks don’t determine fees that a cardholder pays, like your card’s annual, overlimit, interest, late or foreign transaction fees. They also are not responsible for customer service
A credit report is a compilation of the credit history of an individual or business. It is compiled by one or more of the credit bureaus and contains the detailed history of borrowing, payment behavior and credit inquiries. Credit reports are viewed by lenders in deciding whether to extend credit and on what terms. Credit reports are distilled using complex formulas, into three-digit numbers called credit scores
A credit score, also known as a credit rating, is a number that reflects the likelihood of you paying credit back. Lenders like banks and credit card companies will look at your credit file when they calculate your credit score, which will show them the level of risk in lending to you. The higher your credit score, the better your chances of being accepted for credit, at the best rates.
Current balance is the balance in your account with all transactions taken into account.

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  • Knowing your credit score and what's on your credit report can help you determine what products to apply for. If you have fair credit, for example, you may not want to apply for a card that clearly states that only applicants with excellent credit will be approved.
  • If you don't have good credit, you may find it difficult to get approved for a card with a large sign-up bonus and a lucrative reward structure. Each credit card application ends up on your credit report, so the Nerds recommend using our credit cards comparison tool to find a card that fits your credit profile before applying.
  • If the card allows balance transfers, you may request to have balances transferred from other credit card accounts to the new card.
  • To apply for a credit card in the US, you’ll need a valid Social Security number and a positive credit history. The best rewards credit cards may require at least three to five years of good credit history, and some more than seven.
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