Credit Card Dictionary
Previous - 1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - Next
41. Interchange feeThe fee paid by retailers to banks and card issuers for every transaction they process. A PIN-based transaction costs less than a signature-based transaction.
42. Interest1. Money paid for a borrower's use of money, calculated as a percentage of the money borrowed and paid over a specified time. 2. A right to, or share of, title to property.
43. Interest accrual ratePercentage a borrower pays for the use of money, usually expressed as an annual percentage.
44. Interest rateThe amount charged per year on a personal or home loan. The rate varies according to the type of loan. Or, the percentage of interest paid for money in deposit accounts, without regard to compounding, shown as an annual figure.
45. Interest rate capA limit on how much a borrower's percentage rate can increase or decrease at rate adjustment periods and over the life of the loan.
46. Interest rate ceilingSpecified in the loan agreement, the highest percentage a lender can charge før an adjustable-rate mortgage.
47. Internet bankA bank that exists only on the Internet without any "brick-and-mortar" branches. By eliminating the overhead costs of structures, Internet banks consistently offer interest rates, including money market yields, that are higher than the national average. Also known as a virtual bank.
48. Interstate bankingBank expansion across state lines through the use of bank holding companies and acquisitions of existing banks.
49. Introductory (or intro) rateThe low rate charged by a lender for an initial period to entice borrowers to accept the credit terms. After the introductory period is over, the rate charged increases to the indexed rate or the stated interest rate. Often called a teaser rate.
50. Issuing financial institutionThe financial institution that issues a credit card and bills the customer for purchases made against the card account.
