Glossary of Credit Card Terms
Below is a list of credit card and credit industry terms which can assist with reading credit card statements as well as the fine print on credit related documents.
- National Bank
- A national bank is a commercial bank that is chartered by the federal government. It is supervised by the OCC (Office of the Comptroller of the Currency) and is required to be a part of the Federal deposit Insurance Corporation. Most credit card companies are part of a national bank.
- National Issuers
- When a bank issues credit cards all over the United States, it is called a national issuer. Unlike a state or regional issuer, a national issuer are lender friendly in all fifty states.
- Negative Information
- Negative Information is information that appears on a credit report that will negatively effect an individual when applying for a loan. The information can stay on record for as long as ten years depending on the type of information.
- Net Pay
- Net Pay is the money left over after the deductions from gross salary are made like taxes.
- New Balance
- The new balance is what is still owed on a credit card bill. It shows charges and payments from the last month and recent purchases along with other fees.
- NFC stands for near field communication which means that there is a way for data technology to transfer from one wireless portal to another as long as they are a short distance away. For example your cell phone would be considered a NFC and would be able to communicate with some sort of remote computer to accept the message sent.
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