Add-on Interest is interest that is calculated at the beginning of the loan and added to the principal amount owing. This means that the added interest must also be repaid, even if the loan is paid off early.
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Terms starting with: Credit Card
Annual Fee
Some credit cards charge an annual fee for the use of the card, which is added to your monthly bill.
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Annual Interest Rate
The Annual Interest Rate (AIR) is the annual interest rate that is charged on your purchases that don’t have any interest-free period.
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Annual Percentage Rate
An Annual Percentage Rate (APR) is a yearly interest rate that includes fees and costs paid to obtain the loan. Lenders are required by law to disclose this interest rate. The rate is calculated in a standard way, taking the average compound interest rate over the loan term, so borrowers can compare loans.
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Balance transfer
Some credit card’s offer a balance transfer deal to get you to sign up to the card.
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Cash advance
The interest rate charged for taking out cash on your credit card subject to the daily limit and the credit limit on the card.
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Convenience cheque
This is a cheque provided by your credit card company and is drawn against your account.
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Credit limit
The maximum amount of charges a cardholder may apply to a credit card account as allowed by the credit lender.
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Credit line
The maximum money amount available in an open-end credit arrangement such as a credit card or overdraft protection.
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Credit rating
A judgment of a person’s ability to repay debts.
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