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
Check Now 34.9% APR Representative (variable)
Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender

Minimum Payment

This is the minimum amount you must pay towards your credit card balance each month.

You can pay more, and to make the most of your card it’s worth paying off the full balance so you aren’t charged interest.

Paying the minimum balance means it could take a long time to pay off your credit card and you may end up spending a lot on interest; particularly if any special introductory offers come to an end while you’re still trying to clear it.

However, paying less than the minimum repayment or missing this altogether will show up on your credit history, may mean your lender cancels any special interest rate or offers you were enjoying, and may also result in them imposing a charge for late payment.

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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