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Credit Card Terms & Definitions

R

Regular Apr
Returned Payment Fee
Revolving Credit
Reward
Rewards Credit Card
This is the amount of interest that the issuer will add to the balance on revolving debt, known as the annual percentage rate. The higher the interest rate, the higher the charge will be. Conversely, lower APRs will translate into less money being added to whatever debt you don't pay off by the due date. Your credit rating determines the APR you'll be eligible for.
A returned payment fee is a charge a credit card company may assess to a customer's account if the customer attempts to pay a credit card bill with insufficient funds.
Revolving credit is a line of credit where the customer pays a commitment fee to a financial institution to borrow money, and is then allowed to use the funds when needed. It usually is used for operating purposes and the amount drawn can fluctuate each month depending on the customer's current cash flow needs. Revolving lines of credit can be taken out by corporations or individuals.
Some credit cards only charge you for using their product. But others give incentives for the amount of money you spend with their card. Credit cards rewards come in different forms, but they all give you a benefit for using your card more. In general, you earn a certain number or percentage of rewards for every dollar you charge on your credit card. Some cards reward you more for spending in certain areas or may only give you rewards on certain purchases.
Some credit cards only charge you for using their product. But others will reward you for the amount of money you spend with their cards. Credit cards reward programs come in different forms, but they all give you a benefit for using cards. In general, you earn a certain number or percentage of rewards for every dollar you charge on your credit card. Some cards reward you more for spending in certain areas or may only give you rewards on certain purchases. According to statistics, 45% of Americans make the reward card as their first choice when they want to apply for a new credit card. If you choose carefully and take care to avoid potential pitfalls, you can benefit greatly from rewards credit cards, and even use them to help improve your credit scores. Find more Rewards Credit Cards. Find More Rewards Credit Card

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Credit card applications are straightforward, but you'll need to meet some minimum financial requirements to get approved for the best credit card offers. Learn how to apply for a credit online and what to expect after you click submit.

  • Knowing your credit score and what's on your credit report can help you determine what products to apply for. If you have fair credit, for example, you may not want to apply for a card that clearly states that only applicants with excellent credit will be approved.
  • If you don't have good credit, you may find it difficult to get approved for a card with a large sign-up bonus and a lucrative reward structure. Each credit card application ends up on your credit report, so the Nerds recommend using our credit cards comparison tool to find a card that fits your credit profile before applying.
  • If the card allows balance transfers, you may request to have balances transferred from other credit card accounts to the new card.
  • To apply for a credit card in the US, you’ll need a valid Social Security number and a positive credit history. The best rewards credit cards may require at least three to five years of good credit history, and some more than seven.
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