Ocean’s credit card jargon-buster

There’s so much to consider when taking out a credit card, from what you can afford and what type of card is best for your needs to how to go about applying. However, the sheer amount of technical terminology you might have come across when researching credit cards may be holding you up or even putting you off.

Luckily, we’re here to help. Read our simple credit card jargon-buster and the subject should hopefully become a lot clearer.

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Know if you're accepted before you apply with QuickCheck

  • Get credit - up to £1,500
  • QuickCheck won’t affect your credit rating
  • Get a fast response in 60 seconds
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender

Fixed rate

The interest rate your card came with may or may not be fixed. Take care to check if and when your interest rate runs out so that you can plan accordingly.

For example, you may want to make sure you clear your outstanding balance before your current, competitive interest rate comes to an end and then switch to a new card.

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"Some – but not all – lenders charge a fee for using your credit card abroad."

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Foreign exchange fees

Some – but not all – lenders charge a fee for using your credit card abroad.

Always check what this is before you travel. There are cards available that are designed for being used overseas as they may not add an admin fee to the exchange rate, which makes them cheaper to use.

Always inform your lender if you wish to use your credit card abroad, so they know that it has not been stolen or used fraudulently.

 

Know if you're accepted before you apply with QuickCheck

  • Get credit - up to £1,500
  • QuickCheck won’t affect your credit rating
  • Get a fast response in 60 seconds
Check Now 34.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender
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jargon-buster