APR

The Annual Percentage Rate. The yearly cost of credit, usually expressed in a interest rate.

Annual Fee

The yearly fee assessed by a credit card company for having/using their card. Some companies charge a flat fee, others will charge monthly.

Available Credit

The amount of credit available to use at any given moment. The difference between the credit limit and any outstanding charges on the card. 

Balance

The amount owed on a credit card. Will include charges, fees, and interest. 

Balance Transfer

Transferring a debt from one credit card to another, usually with a 0% Introductory APR. 

Balance Transfer APR

The yearly interest rate asessed on any balances transferred from another account. Can be a different APR from the regular charges on the credit card. 

Balance Transfer Fee

Any fee associated with transferring debt from one credit card to another.

Billing Cycle

The time period between statements, per the "CARD Act" must be at least 21 days. 

Cash Advance

Withdrawal of cash from a credit card. Usually only a portion of the total credit balance is available for withdrawal, and also typically there is a different APR associated with these funds. 

Credit Limit

The maximum amount that can be borrowed on any given credit card. Usually better credit ratings lead to higher credit limits, however there are other factors that may be considered. 

Daily Periodic Rate

The rate used to calculate daily interest. The APR divided by 360 or 365. This rate is multiplied by the balance at the end of each day, then added to the total for the following day. 

Fixed APR

A credit card with an APR that does not fluctuate with Prime rate. These rates can change, however cardholders must be notified prior to the change. 

Foreign Transfer Fee

Any fee asessed on transactions outside of the United States, typically around 3%.

"Go-To" Rate

The default interest rate of a credit card after any promotional or introductory rates. 

Grace Period

The number of days given for a credit card balance to be paid in full before any interest charges are assessed. 

Introductory APR

A promotional APR that, by law, must be at least six months. Typically much lower than your "Go-to" APR. Credit card companies must disclose what the rate will be after this introductory period. 

Penalty APR

The APR charged if one of the penalty terms is triggered, as outlined in the credit card contract. Terms can be things such as late payments or going over limit. This penalty APR is usually much higher than the go-to rate.

Penalty Fees

Fees charged to the credit card account if the cardholder violates certain terms of the agreement, such as late payments or going over the credit limit. 

Pre-Screened Credit Card Offer

When a credit card company uses information from credit reporting agencies to make firm offers of credit.

Variable APR

When the APR fluctuated, usually with the Prime Interest rate.