Glossary of Credit Card Terms

(1) | 1 (1) | 3 (1) | 5 (1) | A (42) | B (28) | C (92) | D (44) | E (19) | F (33) | G (7) | H (3) | I (14) | J (7) | K (3) | L (10) | M (27) | N (12) | O (10) | P (43) | Q (2) | R (34) | S (43) | T (26) | U (9) | V (10) | W (2) | X (1) | Y (1) | Z (7)
Last dollar scams "Last dollar" scams is a type of fraud aiming at people in lousy position giving them false promises of making a lot of money from home, asking them to double their investment or sell time share...
Late payment fee A late payment fee (a late charge) is charged to a borrower who did not make at least their minimum payment by the due date. Late payments can reflect negatively on your credit history, even if your...
Layaway Layaway plans are an old shopping tool that was broth back in the Great Recession. Consumers can purchase an item and pay for it over time by making consistent payments to a merchant, instead of...
Levy A levy is the legal right to take property to collect on a debt. If a lender won judgment against a credit borrower over unpaid debt, a levy can be granted to seize property to and cover the debt....
Libor Libor (the London Interbank Offered Rate) is a reference rate used in constructing consumer variable rate loans and some credit cards. The Libor itself is based on the interest rates at which banks...
Lien A legal notice bound to your property providing the lien owner with a possession of that property until a debt is settled. A lien on your house or car means you are not able to sell that possession.
Line of credit A line of credit is a revolving loan, in which the consumer can borrow money up to a defined limit, pay it back and borrow it again. Periodic interest charges will vary depending on how much of the...
Linked transfer account A linked transfer account is one in which a consumer's checking account is linked to another account at the same bank. The linked account can be a savings or a credit card account. If a checking...
Loan modification This occurs when mortgage terms are amended to decrease the monthly payments by lowering the interest rate or extending loan term.
Loyalty programs Loyalty programs are used by credit card issuers to maintain or obtain clients by providing them with motivation to use a specific card. Loyalty programs often have their own cards called rewards...