Credit Card Dictionary
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11. Application feeWhat the lender charges to process the document in which a prospective borrower details his or her financial situation to qualify for a loan.
12. APRAnnual Percentage Rate. A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans.
13. Asset caseA bankruptcy proceeding in which there are non-exempt assets that might be available to pay the claims of creditors.
14. ATMAn acronym for Automated Teller Machine. It's a terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct certain transactions such as deposits and withdrawals. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world, usually subject to a surcharge fee.
15. ATM access feeFee charged in addition to the individual account fees for an account holder to gain access to the ATM system. Can be monthly, weekly, or annual fee.
16. Authorized userAny person to whom you give permission to use a credit card account.
17. Automatic paymentAn arrangement that authorizes periodic withdrawals to be made from a checking or savings account to pay bills, usually regular monthly payments such as for rent or mortgages.
18. Automatic paymentAn arrangement that authorizes periodic withdrawals to be made from a checking or savings account to pay bills, usually regular monthly payments such as for rent or mortgages.
19. Automatic transferAn arrangement that moves money at certain specified times, often monthly, from an interest-bearing or savings account into a non-interest, usually checking, account for the payment of checks or other drafts.
20. Average daily balanceThis is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day's balance and then dividing that total by the number of days in a billing cycle.
