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.
- Go-To Rate
- A go-to rate is an interest rate put on credit cards after the beginning period, sometime known as the teaser period.
- Grace Period
- A grace period is the time, usually a month or more, before a debtor will have dues be paid with interest. A typical grace period is 31 days. According to Credit CARD Act of 2009, grace periods must be at least 21 days. It usually only applies to new purchases.
- Gross Pay
- A persons gross pay is the total allowances, commissions, overtime pay, bonuses, etc. before there are any deductions like taxes.
- A guarantor is also known as co-signer would be someone who agrees to pay the loan of another person if he or she defaults on the obligation. It often times makes a lender more willing to approve a particular loan for a borrower of high-risk.
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