All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
Your address on file is the address that you provided on your application to open this credit card account, unless (1) we have received and processed your written notice of a change of address provided in accordance with the terms disclosed on the back of your bill, in which case that new address is the address of record; or (2) in the event that your address changes before we have sent out your first bill, we have received and processed your written notice of a change of address sent to us at the address for mailing payments.
- Browse Related Terms: Address on file, Assign, Credit bureau, Credit History, Credit limit, Credit Report, Credit reporting agency, Credit score, Debt cancellation coverage, Debt suspension coverage, Default, Foreign currency transaction, Retail credit card, Treasury bill rate, Workout agreement
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
A card that offers rewards that benefit groups and organizations.
- Browse Related Terms: Affinity card, Credit counseling service, Opt-in, Opt-out, Premium credit card, Prime rate, Purchases
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
A yearly fee that may be charged for having a credit card. Some card issuers assess the fee in monthly installments.
- Browse Related Terms: Annual fee, application fee, Authorized charge, Credit-limit-increase fee, Late-payment fee, Over-the-limit fee, Penalty fees, Protected balances, Returned payment, Set-up fee, Workout arrangement
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
- For credit cards, the APR is the cost of credit expressed as a yearly interest rate. Each billing period (usually about a month), the company charges a fraction of the annual rate, called the periodic rate.
APR or “annual percentage rate” is an annualized interest rate. Different APRs may apply to different balances on your account, such as your purchase balance or your cash advance balance. We use the APR that applies to each balance to calculate the interest that you owe us on the account.
- Browse Related Terms: Annual Percentage Rate (APR), Balance Transfer, Balance-transfer fee, Cash-advance fee, Interest rate, Membership fee, Participation fee
Also listed in:
- All > Business > Banking
- All > Business > Finance > Personal Finance
- All > Business > Finance > Personal Finance > Consumer Credit
- All > Business > Finance > Personal Finance > Mortgage
- All > Business > Real Estate
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
- A fee charged when you apply for a credit card.
- Browse Related Terms: Annual fee, application fee, Authorized charge, Credit-limit-increase fee, Late-payment fee, Over-the-limit fee, Penalty fees, Protected balances, Returned payment, Set-up fee, Workout arrangement
Also listed in:
- All > Business > Finance > Personal Finance > Mortgage
- All > Business > Real Estate
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
We assign your credit card contract if we sell or pass to a third party any or all of our rights or obligations under the contract, including any amount that you owe under the contract. Subject to the extent of the assignment, any party to whom we assign your contract will enjoy all our rights under the contract, including contractual rights to collect amounts that you owe on the account.
- Browse Related Terms: Address on file, Assign, Credit bureau, Credit History, Credit limit, Credit Report, Credit reporting agency, Credit score, Debt cancellation coverage, Debt suspension coverage, Default, Foreign currency transaction, Retail credit card, Treasury bill rate, Workout agreement
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
An authorized charge is any charge that you or any authorized user makes on the account, and any fees and interest charges owing on the account.
Any charge made by an authorized user is an authorized charge. This is true even if you told the authorized user not to make that specific charge.
A charge will still be authorized even if it is an illegal transaction (like illegal gambling charges), or it puts you over your credit limit, or it is made after your account has closed.
An authorized charge can be made over the telephone, in person, on the Internet, or in any other way that your account can be used.
- Browse Related Terms: Annual fee, application fee, Authorized charge, Credit-limit-increase fee, Late-payment fee, Over-the-limit fee, Penalty fees, Protected balances, Returned payment, Set-up fee, Workout arrangement
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
If you ask us to issue a credit card on this account to another person, he or she is an authorized user. In addition, if you give your card or card number to another person, he or she is an authorized user.
- Browse Related Terms: Authorized user, CARD, Cash advance, Credit Card, Credit card agreement, Everyday debit card transactions, Overdraft, Secured credit card, Standard payment instructions
Also listed in:
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
According to this method, we calculate the interest charges for each balance by applying the “daily periodic rate” for that balance to the “average daily balance” for that balance. We multiply the result by the number of days in the billing cycle. That gives us the total interest charges for that balance for that billing period.
The “daily periodic rate” is a daily interest rate. The daily periodic rate for a given balance is equal to the APR for that balance divided by 365.
We calculate the “average daily balance” for each balance. We do this by starting with the beginning amount of that balance for each day. We add any new charges for that day, add any interest on the previous daily balance if there is one in that billing cycle, and subtract any payments or credits. This gives us the “daily balance.” We calculate the “average daily balance” for each balance by adding all the daily balances for each day in the billing period and then dividing by the total number of days in the billing period. The addition of the prior day’s interest to the daily balance calculation causes interest to compound daily.
We add fees that are specific to a particular charge to the same daily balance as that particular charge. We add all other applicable fees to your purchase balance as of the first day of a billing period.
- Browse Related Terms: "Go-to" rate, Average daily balance method with compounding, Average daily balance method without compounding, balance, Daily balance method with compounding, Daily balance method without compounding, Daily periodic rate (DPR), Default APR, Interest-free period, Introductory APR, Penalty APR, Periodic rate, Purchase APR
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
According to this method, we calculate the interest charges for each balance by applying the “daily periodic rate” for that balance to the “average daily balance” for that balance. We multiply the result by the number of days in the billing cycle. That gives us the total interest charges for that balance for that billing period.
The “daily periodic rate” is a daily interest rate. The daily periodic rate for a given balance is equal to the APR for that balance divided by 365.
We calculate the “average daily balance” for each balance. We do this by starting with the beginning amount of that balance for each day. We add any new charges for that day, excluding any unpaid finance charge, and subtract any payments or credits. This gives us the “daily balance.” We calculate the “average daily balance” for each balance by adding all the daily balances for each day in the billing period and then dividing by the total number of days in the billing period.
We add fees that are specific to a particular charge to the same daily balance as that particular charge. We add all other applicable fees to your purchase balance as of the first day of a billing period.
- Browse Related Terms: "Go-to" rate, Average daily balance method with compounding, Average daily balance method without compounding, balance, Daily balance method with compounding, Daily balance method without compounding, Daily periodic rate (DPR), Default APR, Interest-free period, Introductory APR, Penalty APR, Periodic rate, Purchase APR