Credit Cards Glossary

A - D, E - H, M - P, Q - T

Annual Percentage Rate (APR)

This shows the yearly cost of a credit card taking into account the interest rate charged, any fees and other account running costs.

Arrears

The total amount of any missed credit card payments plus any fees incurred as a result of missing payments.

Authorised User

A person nominated by the Cardholder and permitted to use an additional credit card on the Cardholders credit card account.

Available Credit

This is the maximum you may borrow on your credit card at any given time. This may be less than your Credit Limit if you have transactions outstanding.

Balance Transfer

The movement of the amount owed on one credit card or store card to a credit card from another financial institution.

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Business Day

This meansa day (other than a Saturday, Sunday or public holiday) on which the Bank is generally open for business in Ireland. 

Cardholder

This is the person whose name the Credit Card account is in, and who has responsibility for the account. This does not include Authorised Users.

Credit Card

A Credit Card is a payment tool which allows you to pay for goods and services as well as withdraw cash from ATM machines. The funds used are borrowed and must be repaid at a later stage. If the Credit Card is not paid back in full you will be charged interest.

Credit Card Statement

This is a detailed list of all purchases, transactions, fees and interest on your card over a given period. It also provides details of the payment due and the date this must be paid by.

Credit Limit

This is the maximum amount that you may borrow using your Credit Card.

Credit Search

This is where the Bank obtains credit references from a credit reference agency or agencies to check the credit history of a person.

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EEA

The EEA (European Economic Area) is an area of free trade and free movement of people comprising the member states of the EU and certain other states which may vary but currently include Norway, Iceland and Liechtenstein.

Merchant

Any business or individual who accepts payment made with a credit or debit card, e.g. supermarket, restaurant, website.

Payment Protection Insurance

This is an optional insurance product which will cover the minimum monthly repayments on your credit card in the event of serious illness or unemployment.

Personal Identification Number (PIN)

A Personal Identification Number (PIN) is the secret four digit number that is used with a credit card as issued by the Bank and/or subsequently chosen by the Cardholder

Secure System

A system approved by the Bank to enable the secure use of a credit card by the Cardholder over the Internet.

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Legal Notice

The information provided in this guide does not constitute tax, legal, investment or any other advice.

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