Credit Card Glossary

Credit Card - Credit cards are a form of revolving loan by where the cardholder can access a line of credit to make purchases, cash advances, or balance transfers. As the outstanding balance is paid, the available credit line is restored for use again.

Cardholder - an individual to whom a credit card is issued. Typically, this individual is also responsible for payment of all charges made to that card. Corporate cards are an exception to this rule.

Issuer - an institution that issues credit cards to cardholders. This institution is also responsible for billing the cardholder for charges.

Merchant/Accepter - an individual, organization, or corporation that accepts credit cards as payment for merchandise or services.

Credit Limit - The amount of credit made available for you to use.

Billing Cycle - The date that your statement is produced every month. The payment due date is at least 22 later. This same date appears on every statement, regardless of holidays. Interest accrues at the time the statement cycles.

Personal Identification Number (PIN) - The number used to access their account to get cash at an ATM machine or make other PIN verified transactions. A number automat

Expiration Date - This indicates in which month and year the card expires. The card is valid until the last day of the month indicated, after the last day of the next month; the card cannot be used to make a purchase if the merchant attempts to obtain an authorization.

Over limit - An account is over limit if the balance on the account is greater than the credit limit of the account. There is usually a fee when this occurs.

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