Credit Card

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Terms in Credit Card

Additional Cardholder

An additional cardholder is an authorized secondary user added to an account by the primary cardholder. There are benefits to an additional cardholder, but also risks to the primary account holder. read more

Affinity Card

Offered through banks, affinity cards tied to nonprofit and charitable organizations can create a passive stream of donations. read more

American Express Card

An American Express card is an electronic payment card branded by the American Express Company. read more

Authorization Date

The authorization date is the date at which a credit or debit card transaction is approved by the credit card issuer. read more

Authorization Only

An authorization only transaction is one in which a pending transaction is placed on the account of a card user, which is settled at a later date. read more

Authorized Amount

An authorized amount is a sum that a merchant transmits to a credit or debit card processor to ensure the buyer has adequate funds for the purchase. read more

Average Outstanding Balance

An average outstanding balance is the unpaid, interest-bearing balance of a loan or loan portfolio averaged over a period of time, usually one month. read more

Average Daily Balance Method

The average daily balance is a common accounting method where credit card interest charges are calculated using the total amount due on a card at the end of each day. read more

Balance Chasing

Balance chasing is the practice by some banks of reducing a customer’s available line of credit as they pay down their credit card balance.  read more

Balance Protection

Balance protection is a form of credit card insurance that generally covers only the minimum monthly payments on a card’s outstanding debt. read more

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