Learn Credit Card Vocabulary and their Practical Usage

credit card as cash

credit card as cash

In present days, most of the trans­ac­tions are being made through plas­tic cards and online trans­ac­tions. These plas­tic cards made shop­ping eas­ier and has­sle free. Whether it is debit card or credit card or shop­ping card or any­thing else, they have reduced the size of the wal­let and increased the buy­ing poten­tial of the con­sumers. Though credit cards are not the legal ten­der in the cur­rent mar­ket, it is the lead­ing non-cash meth­ods of pay­ment and one can’t think about life with­out them. Let us know dis­cuss about some of the com­mon ter­mi­nol­ogy used while using credit cards.

The fol­low­ing post dis­cusses the vocab­u­lary related to credit cards

Account num­ber
Addi­tional card­holder
Adjusted bal­ance
Affin­ity card
Annual Fee
Annual Per­cent­age Rate (APR)
Autho­rized Trans­ac­tion
Auto­matic pay­ment
Aver­age daily bal­ance
Bad Credit
Bal­ance Trans­fer
Bank Iden­ti­fi­ca­tion Num­ber (BIN)
Billing Cycle
Billing state­ment
Card Issuer
Card Reader
Cash Advance
Cash Back
Charge­back Period
Credit bureau
Credit card
Credit Card Num­ber
Credit freeze
Credit His­tory
Credit Limit
Credit rat­ing
Debt con­sol­i­da­tion
Debt-to-income ratio
Floor Limit
Fraud alert
Fraud­u­lent Trans­ac­tion
Grace Period
Inter­est rate cap
Intro­duc­tory Rate (or Intro APR)
Mag­netic Stripe
Mer­chant Bank
Min­i­mum Pay­ment
Monthly peri­odic rate
Online bill pre­sent­ment and pay­ment
Online Finan­cial Trans­ac­tion
Per Trans­ac­tion Fees
PIN (Per­sonal Iden­ti­fi­ca­tion Num­ber)
Point Of Sale (POS
Pri­mary Account Num­ber (PAN)
Prime Rate (or Prime Inter­est Rate)
Recur­ring Billing
Retail Mer­chant
Sales Draft
Secured Credit Cards
Ser­vice Charge
Smart Card
Stan­dard Floor Limit
Stored-value Card
Two-cycle billing
Uni­ver­sal Default
Unse­cured Credit Cards
Val­i­da­tion Code
Vari­able Inter­est Rate
Void Trans­ac­tion

Read the fol­low­ing sam­ple con­ver­sa­tion between the credit card bank employee and a cus­tomer. This is one of the com­mon con­ver­sa­tions that take place while apply­ing for a new credit card. The employee is try­ing to sell a credit card to one of the cor­po­rate employee.

Employee: Good after­noon Sir, I am Lak­shmi call­ing from Citibank
Cus­tomer: Hi Lak­shmi, how may I help you.

Employee: Sir, may I know your name please and where do you work sir
Cus­tomer: I am Rahul, work­ing in IBM

Employee: Good name sir. I would like to know if you are inter­ested in tak­ing Citibank credit card. Right now, we have great offers and also we are giv­ing free gifts for the new cus­tomers.
Cus­tomer: I may be take depend­ing on the offers and charges.

credit card vocabulary

credit card vocabulary

Employee: We are charg­ing zero fees for all the cor­po­rate employ­ees, i.e., there are no annual main­te­nance fees, appli­ca­tion fees, can­cel­la­tion fees.
Cus­tomer: Sounds good, what is the grace period to pay the bills?

Employee: Usu­ally, most of the com­pa­nies offer 21 but we are offer­ing 45 days limit. After that we charge 5% inter­est on the credit you have used.
Cus­tomer: Hmmm… ok. What are the bonuses/perks, reward points is your com­pany offering?

Employee: You get 5% dis­count on all the restau­rant and hotel bills, 3% of on fuel bills and you earn 2 points for every 100 rupees pur­chase.
Cus­tomer: How can I en-cash the rewarded points?

Employee: You can’t en-cash the reward points but you can use them to buy prod­ucts present at imint.
Cus­tomer: Fine, I will come to your office and the credit lim­its of Sil­ver, Gold, Plat­inum, Tita­nium and then I will apply for one credit card.

Employee: Thank you sir, have a good day!
Cus­tomer: You are wel­come, same to you.

If you are new to credit cards, the above con­ver­sa­tion will help you in deal­ing with a credit card seller and will give a fair idea on what things have to be taken care while apply­ing for a credit card. The vocab­u­lary and the con­ver­sa­tion are not exhaus­tive but ade­quate enough to know about credit cards.

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2 Responses to “Learn Credit Card Vocabulary and their Practical Usage”

  1. Roselle Cott says:

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