Glossary of Terms

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Activity
Activity is any transaction that appears on your bill, including purchases, cash advances, finance charges and fees. It also includes any payments made.
Administration Fee
This is a fee charged by some lenders, which is not refundable if the mortgage application does not proceed. The administration fee will often form part of the valuation fee but will be retained by the lender even if the valuation has not been carried out.
Advance Fee Loan
A loan calculated so that all the finance charges and other creditor expenses are deducted before the consumer receives the principal.
Affinity Card
A card that is offered jointly by two organizations; one is a credit card issuer and the other is a professional association, special interest group or other non-bank company that offer the Affinity Card.
Agreement
Your card issuer will send you a cardholder agreement that describes the terms that apply to your card, including the interest rate charged, method of calculating interest and any transaction fees. If your card issuer refuses to disclose fully the terms of your card agreement before you accept the card, you might want to shop around for an issuer that will.
A Loan
The credit industry term used to describe a loan that reflects the best possible interest rate, terms and conditions. consumers must demonstrate good credit in order to secure an "A" loan.
Amortization
The process of fully paying off indebtedness by installments of principal and earned interest over a definite time.
Amount Due
Generally, the minimum monthly payment you must make, not the total amount you owe.
Annual Fee
A yearly fee charged to the card for keeping the account open. Some cards have this annual fee and some do not.
Annual Percentage Rate
The cost of carrying a balance on a loan expressed as an annual percentage. To calculate the amount owed in interest each month divide the APR by 12. For example, if the APR is 18% the monthly rate is 1.5%.
Annual Review
The interest you pay changes annually. The change is based on an average calculation of the previous year's base rate.
Applicant
An applicant is a person applying for credit privileges, employment or some other benefit.
Appraisal Fee
The charge for estimating the value of property offered as security.
Appreciation
An increase in the market value of a home due to changing market conditions and/or home improvements.
Arrangemen Fee
This is a fee charged by some lenders in order to access particular mortgage deals. Arrangement fees particularly apply if you are looking for a fixed rate or discounted rate mortgage and these may either be payable up front, added to the loan on completion, or deducted from the loan on completion (check with the chosen lender which situation applies).
Arrears
Contracted mortgage payment not made by the due date. Applicants who have arrears on a current mortgage may experience problems if attempting to arrange a new mortgage through the mainstream lenders. A number of lenders do, however, specialize in this area of the market.
Asset
Anything owned by an individual that has a cash value. This includes property, goods, savings or investments.
Asu
Accident, sickness and unemployment insurance (sometimes referred to as A.S.R. - accident, sickness and redundancy insurance). This is an insurance policy, which is taken out by the borrower and protects against the borrower being unable to work for the stated reasons. The ASU policy will usually pay a percentage of the normal monthly mortgage repayment (plus insurance) if the borrower is unable to work due to accident/sickness or unemployment/redundancy. These payments will normally only be made for a limited period of time - typically 6/12 months or until the borrower returns to work. The terms of these policies and the cost vary considerably from company to company.
Atm
Automated teller machine. ATMs offer consumers convenient access to fund withdrawals, deposits, transfers and balance inquiries. Some banks charge ATM fees, depending on where the funds are drawn. Some ATM transactions involve fees from more than one bank.
Authorization
Every shop has a different limit for the amount of money you can spend on a card in the shop without it being checked first with the issuer. When you buy things, which are more than this limit, the sale has to have the card issuer's authorization. This can either be done by telephone or electronically when the card is swiped through the till by the shop assistant. In this way, stolen cards are caught and cardholders are stopped from going over their credit limit. Sometimes to authorize the transaction, the issuer needs to check the cardholder's identity.
Authorized Account User.
The person authorized by the contractually responsible party to use the account.
Automatic Payment
If you have a savings or checking account with the same bank that issues your card, you may be able to automatically transfer money from your bank account to pay a credit card bill. Automatic payment eliminates the risk of paying a bill late and being assessed a late charge.
Available Credit
The unused portion of credit that falls within the consumer's applicable credit limit, if any.
Average Daily Balance
The average daily balance is a method used to calculate finance charges. It is calculated by adding the outstanding balance on each day in the billing period, and dividing that total by the number of days in the billing period. The calculation includes new purchases and payments.





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