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.
- A reloadable card is a prepaid card that can have money added to it after the purchase date. There is usually a charge for issuing the card and then for adding money too it.
- Remote Deposit Capture (RDC)
- Depositing a check through a mobile device, like a smartphone or tablet. Pictures taken with the device are used to identify key information on checks, which is then verified by a bank or third party organization.
- Returned Payment Fee
- A returned payment fee is a fee associated with bill paid by a bounced check. The individual who writes the bounced check will have to pay a fee.
- Revolving Balance
- Revolving balance is debt that is still owed on a credit card after a billing cycle. The amount changes by cycle depending on how much an individual pays off or how much as added to the debt. Once a debt is paid off though the revolving balance is no longer there.
- Reward Card
- A reward card is credit card that offers benefits based upon the card's usage.The rewards vary but usually consist of airline tickets, discounts on future purchases, or cash refunds.
- Risk-Based Pricing
- Risk-based pricing is a form of interest rate that is decided by an individuals credit score and history of repayment. It is different for everyone.
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