When choosing a credit card service, you may encounter some professional concepts related to credit cards. The following are some of the most commonly used credit card words. Understanding them can help you use credit cards better:

Annual fee

The annual fee for holding a credit card. Some credit cards can be exempted from annual fees. Annual fee is one of the total credit costs.

annual interest rate

the annual interest rate payable when a credit card is repaid, from which you can calculate the interest you need to pay back when you repay.

balance

the amount owed on the credit card account is your outstanding amount.

credit reporting agency

a legally established third-party institution independent of both parties to credit transactions, which specializes in collecting, sorting, processing and analyzing credit information of enterprises and individuals. Can provide a variety of credit services, including issuing credit reports, helping customers judge and control credit risks.

credit limit

the maximum amount that a credit card account can be overdrawn.

consumer's personal credit record

financial institutions will decide whether to approve the applicant's loan application according to whether the credit record is good or not. Please refer to Personal Credit Records for the online inquiry method of personal credit records.

grace period

after the repayment period, financial institutions allow borrowers to be free of interest during the grace period.

minimum repayment amount

the minimum amount that the cardholder must pay according to the monthly credit card bill.

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