UND-Pilsa Blog

Listed below is a useful guide to credit card terms. It is a list of definitions of credit card terms that may or may not be familiar to you.

Annual Fee

Various card issuers charge an annual fee, which can help offset costs that issuers incur in maintaining accounts and providing services.

Annual Percentage Rate (APR)

Stands for ‘annual percentage rate’. A figure, expressed as a percentage, which incorporates the interest charged upon the credit card as well as any additional fees.

Association for Payment Clearing Services (APACS)

The banking industry body that oversees money transmission and payment clearing activities in the UK.

Automated Teller Machine (ATM)

Another term for a cash machine.

Balance

The total amount that you owe your credit card provider and includes charges such as interest and fees.

Balance Transfer Rate

The interest rate that will be charged on any balance transferred from a previous credit card onto a new one.

Cash Advance

Withdrawing money from a cash machine using your credit card. There is usually a charge imposed for this service. A cash advance is different from a withdrawal you make with your ATM card.

Charge Card

This is a type of credit card often favoured by businesses on which the balance must be paid off in full each month.

Credit Limit

This is the maximum amount you can borrow using your card.

Credit History

A record of how you have paid accounts in the past; used as a guide to determine whether you’re likely to pay accounts on time in the future.

Credit Reference Agency

Organisations that specialise in providing credit reports that assess an individual or business’s credit risk.

Credit Report

An assessment of an individual or a company’s credit risk. These reports are composed using a variety of informational sources and are used by lenders in order to assess applicants.

Finance Charges

The price paid to a lender for the use of borrowed money.

Fixed Rate

A set annual percentage rate that does not change in response to interest rate changes and conditions.

Interest

The charge that the lender imposes on the borrower for the granting of credit.

Interest Free Period

The period during which no interest will accrue on credit card transactions.

Period

The period during which the Introductory Rate applies to balances outstanding on your account.

Introductory Rate

A special annual percentage rate that applies for only a limited time.

Minimum Payment

This is the minimum amount that you will need to pay back each month on your credit card balance.

Online Banking

Online systems enable you to access a host of banking services from a personal computer by connecting with the bank’s computers over the Internet.

PIN

Stands for ‘personal identification number’ and is issued to a credit card holder in order to enable them to use cash machines to withdraw money.

Rewards Program

A point accumulating program based on purchases or transactions made on your card.

You may freely reprint this article provided the author’s biography remains intact:

About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

Comments Off

The Credit Repair System has tools available that helps many debtors find relief. Credit repair system is the steps to recovering from debts, while getting back on your feet again. If you have bad credit, you already know how difficult it is to reestablish a respect in society. Struggling down many roads, I know you have asked over in your mind, “How can I get out of debt?” The truth is we all have had bad times and some of are able to get back on our feet again quicker than others do. Therefore, you are not alone in this fight to reestablish credit. Even rich people have filed bankruptcy, so do not think you are centered out from the rest of the world. In this article, I am going to make it quick and to the point, helping you get out of debt through the process.

Repair System Kit

I will guide you through a process that will lead you step-by-step through credit repair.

1. Get copies of your credit report from TransUnion, Equifax, and Experian.

2. Overview your credit report watching closely for errors (bills you did not accumulate).

3. Dispute any errors on your credit report immediately with the three credit bureaus.

4. Once your report is clear start saving money, but cutting back, increasing your income, and continues disputing other debts that may occur if necessary.

5. Lay out a budget that matches your monthly installments, a separate budget that comes close to your debts as possible, and finally a budget that meets your demands on survival after you have cut back funds.

6. Finally, start paying on your secured loans first, and work through your unsecured loans gradually.

If you follow these steps to the letter, you will eventually see where it pays off. Starting with step one we can see we need to know where we are out before we can get out of our situation. Having a basic overview of your report regularly can prevent your credit scores and ratings from being affected by errors or identity theft.

Step 1 is a basic outline of where you are at, where you are going, and how you will get there.

Step 2 is obvious. If you find errors on your report, the first thing you want to do before paying your debts is to clear up the wrong that has been done to you.

Step 3 is also obviously, since you want to find a solution to repairing your credit. If you save money by cutting back, finding a way to make more money, and budget you will have a guaranteed strategy to getting out of debt.

Step 4 the budges should match your financial situation allowing you to repay your debts and survive in the process. The budgets if carefully developed will allow you additional funds for savings if you plan your strategy right.

Step 5 once you start paying off your credit you will notice almost immediately a result. The result may be a rise in your self-esteem and confidence, but it is a start to a better future.

There is nothing more rewarding than being free of financial obligations. When you walk out in the public your friends, family and neighbors will acknowledge a nature high, and ponder on how they too can be like you. If you follow the steps you will not only notice results of relief, you will also notice an increase in your income. In addition, if you have any debts that have not hit the collection agencies, find a solution for getting those bills up to date. You can call your creditors in the first four weeks of late bills and let them know your situation, including your financial status to repay the debt. Often creditors will make arrangements for your to pay each month on your bills. Make sure you meet your creditors’ expectations, since they took a chance on you in first place.

This is the ultimate credit repair system that will get you out of debt.

Debt Repair Agencies, Debt Consolidation, and other sources are often out to take advantage of the vulnerable, so relying on your self to get out of debt is the only system guaranteed to work most times.

Steve Hall is the owner of www.your-official-guide.com, your one-stop location for getting the information you are looking for on a wide ranging and ever-growing list of subjects.

Comments Off

A credit report is basically a file about you kept by lenders and banks. As annoying as it may be, it’s still perfectly legal for them to gather all sorts of details about you. In turn, you have the right to check this file - and you should do so and inquire regularly about your credit report and your credit score, particularly when you plan a big financial change, for instance, before applying for a loan or a mortgage, you should always take time and review your credit report. This allows you not only to plan your moves accurately, but also to dispute any mistakes that might occur in the report.

The credit report is an accurate record of your financial activities, including the accounts you have, the credits you may have taken so far, any late payments, and the actions started against you for financial reasons. This report is used to determine your credit rating - which is a number indicating your financial risks.

The information typically included in a credit report refers to your personal identification data, credit information, public record information and a list of recent inquiries. The personal identification data, as you may expect, means your name, social security number, address (current and previous addresses), employer (also current and previous), your birth date, and so on. If applicable, your file may contain similar information about your spouse.

The credit information is your financial history - your accounts, loans and repayment records for the past two years, from all the banks, lenders, retailers, card issuers, other credit companies, and so on. The public record information records bankruptcy, monetary judgments and tax liens.

The list of recent inquiries contains the names of those who obtained your credit report in the past year. Various people and organizations may get access to your credit report, usually anybody who can prove a legitimate business interest, creditors, insurers, employers and governmental agencies. This list is kept for one year, while the credit history information is kept for seven years, and, if you file for bankruptcy, that sticks for ten years.

If you want to see your credit report, you need to check with the respective reporting agency. A reporting agency is a company that maintains and updates the database, and sells the reports to those who are interested. There are many such credit bureaus all over the country, serving local markets, and three major, long-established ones: Equifax, Trans Union and Experian (formerly TRW). These are the companies you need to contact when you want to see your credit report - online, at http://www.equifax.com, http://www.transunion.com and http://www.experian.com, or offline, by calling them or writing to them.

When you ask for your credit report, you will be required to provide your personal info (name, address, social security number, and so on, sometimes for your spouse as well, where applicable). Also, a small fee applies. From Equifax, the 3-in-1 credit report (meaning a complete credit history from all three credit reporting agencies) is $29.95 or $39.95 for the credit report with the credit score included. At Trans Union, the complete 3-in-1 credit report is $29.95 (the online version), with one free credit score. If you want all three credit scores, you’ll need to pay an additional $9.95. From Experian, the complete credit reports from the three credit bureaus costs $34.95, and includes a Free Experian credit score. It is important to view results from all three major credit bureaus, because they don’t share information among them, and because lenders may report to one or another of these bureaus, so results may not always match.

The Fair Credit Reporting Act entitles each consumer to one free disclosure every 12 months. Also, you can avoid these fees if you request to see your credit report within 60 days of having been denied credit or insurance because of the report. Also, you don’t have to pay if you’re on welfare, you’re unemployed and intend to look for a job within 60 days or your report contains mistakes due to fraud.

This article has been provided courtesy of Creditor Web. Creditor Web offers great credit card articles available for reprint and other tools to help you search and compare credit card offers.

Comments Off

These days, more and more credit card companies are offering business credit cards to small businesses. A business credit card is similar to a personal credit card in terms of it having a reward program and the ability to pay for something first and settle the bill later when the credit card statement arrives. But this is where the similarities end.

The fact of the matter is, business credit cards have a lot more perks to it than an individual credit card. Like a business banking account, business credit cards come with larger credit limits because businesses tend to spend a lot more than individuals or family units. Moreover, a business credit card has a whole slew of other perks that make it an absolute must for any small business.

Managing your business costs

With a small business card you can pay for a business expense up front without having to dip into your company’s cash account. While this can be especially useful in times of emergency, it is useful enough for day to day operations like paying for your purchases from a supplier, or footing the bill when entertaining a client.

Most credit card companies offer very low APRs for business cards, or even 0% APR for the first six months. The ability to borrow money without interest is definitely an extremely enticing prospect for businesses, especially when they can make money out of this situation.

Apart from that, a business credit card provides a company the ability to secure multiple credit cards and set different limits on them. This can be useful if you want to authorize your employees to make payments for certain items, and not overspending on their business credit cards.

Segregating your expenses

One of the hassles in business is bookkeeping. In order to keep track of your business’ finances, you would have to keep track of receipts and sort them into different categories for tax and accounting purposes. Also, you may need to separate your business and personal expenses as well.

With a business credit card, you don’t need to do all that. Most credit card companies provide detailed statements of your expenses charged to the card that are grouped accordingly, so you don’t have to sort them out. It’s like having an accountant for free!

Keeping your business and personal expenses separated is also a cakewalk - simply charge your business related payments to your business credit card and your personal ones to your personal card.

Adam Goldman recommends Find Credit Cards for finding the best small business card. See www.findcreditcards.org/type/business.php for more information.

Comments Off