Glossary of Credit Card Terms

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Passbook savings loan A passbook savings loan is a secured loan that occurs when you pay to borrow your own money from a bank. Sounds terrible, but it’s usually used for rebuilding credit. Terms for passbook savings loans...
Password A password is a unique digit combination that allows users access to a system. Passwords are needed to access online bank accounts. A PIN number is another form of password.
Pay to pay A phrase that describes charging customers fees to process bill payments.
Payday loan Payday loans are small loans used by borrowers as an advance against their next paychecks. When calculated on annual basis their interest rates are very high. These high rates make huge costs because...
Payment Card Industry Data Security Standard (PCI DSS) A framework developed by the PCI Security Standards Council for establishing a payment card data security process that includes security measures for incident prevention, detection and reaction. PCI...
Payment due date The payment due date is the monthly date when at least a minimum payment has to be made on a credit card account. The due date can happen on a different day each month.
Payment history Payment history is the most important element in deciding if a person or business has good or bad credit. A long record of regular payments is crucial in obtaining loans, and at good rates.
Payment protection plan Payment protection plans are a type of insurance plan given by the issuer to cover situations like job loss or disability. Usually they put a hold on minimum payments and interest increase. Fees,...
Payments network In a prepaid stored value card program, a payments network connects the processor and retailer, ATM, etc., for authorization of payment transactions.
Payroll card A payroll card is a re-loadable plastic card that can be used instead of traditional paychecks. They usually carry fees but allow companies to pay employees without bank accounts.

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