Credit Card terms starting with P

9 terms

1. Participation fee See annual fee.
2. Penalty APR The APR charged on new transactions if you trigger the penalty terms in your credit card contract.
3. Penalty fees Fees charged if you violate the terms of your cardholder agreement or other requirements related to your account.
4. Periodic Rate The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily…
5. Premium credit card A credit card that offers high credit limits and often has additional features like product warranties, travel insurance, or emergency services.
6. Prime Rate The prime rate is a benchmark for interest rates on business and consumer loans.
7. Protected balances Protected balances are amounts owing on the account that under law are not subject to an increase in interest rates or fees.
8. Purchase APR The APR you will pay for purchases if you carry a balance on your credit card. For many cards, you only have to pay interest on purchases if you carry…
9. Purchases A purchase is the use of your card to buy or lease products or services. The purchase of cash or cash equivalents, like casino chips or lottery tickets…