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.
Your card provider will tell you how they apply your repayments to your account.
For example, if you have a 0% balance transfer card that charges interest for purchases you make on it, the provider will tell you if your payment will be used to pay off your purchase balance or your 0% balance first.
This is the term given to any borrowing you have remaining on your card.
So, if you spent £100 but paid off £40, your outstanding balance will show as £60 plus any interest.
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