Credit card statements make a record of the date on when the last credit card payment was made and when the next credit card payment is due. A credit card payment made later than the date agreed upon in the credit card agreement and on the credit card statement is considered a late payment. If [...]
Late credit card payment fees are charged when a credit card holder is overdue in making a monthly payment on their credit card. A late payment fee is charged to a borrower who misses paying at least their minimum payment by the payment due date specified on the credit card agreement and on the credit [...]
Liability in credit refers to the responsibility for a loan or credit account repayment. Credit card liability is the legal responsibility to repay the credit card debt and make timely credit card payments. When a credit card application is filled out, the new credit card account states that the account holder agrees to be liable [...]
LIBOR stands for London Interbank Offered Rate. This is an interest rate which is a index or average of bank rates based on the interest rates established by banks that borrow unsecured funds from one another in the London wholesale market. LIBOR is similar to the Fed Funds Rate or even the Prime Rate used in the United [...]
Loyalty programs are used by many credit card companies to maintain or draw in new credit card customers by giving the credit card account holder incentives to use specific credit card services. Loyalty programs are generally categorized as separate from credit card reward programs since the usually are specific branded credit cards. These credit cards [...]
A stripe of magnetic information affixed to the back of a plastic credit card or debit card. The magnetic material is applied as a strip in the surface of a bank credit card used to encode cardholder information to facilitate credit card processing. It contains customer and account information such as account credit card number [...]
The margin is fixed number added to an interest rate, normally an adjustable rate, to establish a final rate. Often expressed as percentage points, the amount that a credit card company adds to an index such as the prime rate to arrive at the final credit card interest rate. As an example, if the credit [...]
A bank credit card that utilizes the MasterCard brand name. The credit card will bear the MasterCard symbol, enabling a MasterCard credit card holder to obtain goods, services, or cash from a MasterCard merchant or an acquirer. MasterCard partners with financial institutions and credit card companies that issue credit cards, and with merchants who accept [...]
A bank or financial institution that issues MasterCard credit cards and is a member of the MasterCard network. A MasterCard issuer is a financial institution that issues MasterCard cards. The bank or other financial institution that extends credit to a credit card holder through bank credit card accounts with the MasterCard agreement. The financial institution [...]
In general terms this is the location or store where credit card purchases are made. More specifically, the merchant is a retailer, service provider or any other entity, pursuant to the credit card merchant agreement, that agrees to accept bank credit cards, debit cards, or both, when properly presented. A merchant is the entity that [...]