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)
UDAAP UDAAP stands for Unfair, Deceptive, or Abusive Acts and Practices. It was put to practice by the Dodd-Frank Act signed in to law in 2010., and forbids providers of consumer financial products,...
Unbanked A phrase used to describe individuals without a bank account and who depend on cash or prepaid debit cards for their transactions.
Universal default Universal default is practice usually used by credit card issuers that allows them to increase cardholders' interest rates if they have defaulted with another lender. This means that if a consumer’s...
Unsecured credit cards Unsecured credit cards are the most frequent type of credit cards. These cards don’t have collateral security. That means that unlike secured loans, such as mortgages or auto loans, unsecured credit...
Unsecured debt These are loans that are not reinforced by collateral. Unsecured debt includes credit card debt, medical bills, utility bills and any other type of credit that was extended with no collateral. When a...
Upfront pricing Upfront pricing is an amount that correlates to the original credit agreement like introductory, penalty, and cash access APR.
User authentication User authentication is an act of identifying a credit card users or their status. User authentication is a merchant's obligation when accepting a credit card, but in reality, authentication has...
Usury Usury is a practice of lending of money, usually at enormous interest rates. A lot of states have laws that put a cap on interest rates, but a 1978 Supreme Court rulings gives permission to credit...
Utilization ratio Utilization ratio is used when calculating credit scores. The amount of total available credit is measured against the credit being used. Maintaining a low ratio, or having little debt and a lot of...