Credit Cards » Definitions

Automatic Payments Mean Still PAY Attention

Automatic payments can be a great way to make sure your monthly payments are paid on time and you avoid late payments and any penalties. You still need to be diligent about balancing your checkbook, though. My husband and I thought that once we had set up most of our payments through our bank’s automatic payment service, we were home free. We hardly looked at our balance all month. Our paychecks were deposited automatically, the majority of our bills were paid automatically, so there wasn’t much left for us to do. Right? WRONG!

I can tell you that not paying attention to your automatic payments can land you in a big mess. We had a large monthly payment set up through our bank’s automatic payment program. I guess I should say we THOUGHT we had the payment set up through our bank’s automatic payment program. The payment was never actually set up correctly. I’m still not sure where we failed, but the end result was a nightmare. …continue article…

17th May 2009 at 5:21 pm

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What is an “Interest Free Period”?

An interest free period is a certain number of days during which the credit card issuer does not charge you interest or finance charges on your purchases. …continue reading…

7th May 2009 at 10:32 pm

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What is Contained in Australian Credit Reports?

An Australian credit report contains information about your past and current credit history, along with some aspects of your personal history. …continue reading…

6th May 2009 at 7:21 pm

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What is “Credit”?

Credit is a term related to the lending of money. Essentially, a person or company with money, products, securities or services, extends a loan of these commodities, or “credit,” to someone who wants them. …read more…

2nd May 2009 at 2:33 pm

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“Rate” Defined in Regards to Credit Cards

The rate on a credit card is the amount of interest you will be charged on your unpaid balance during a set period of time. The credit card rate is a set percentage of your balance, and varies widely from one credit card issuer to another. It will also vary depending on your credit-worthiness: the less of a risk you appear to be, the lower the rate of interest the credit card company will charge you for the loan.

3rd March 2009 at 2:12 pm

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Credit Card “Interest” Defined

Interest refers to the fee that a lender charges a borrower, in addition to the principal, for lending the money. The interest is usually a percentage of the total amount loaned, and is calculated based on interest rate tables from the Reserve Bank of Australia (or in the US, the Federal Reserve Board) and other financial institutions. The borrower pays the interest over a period of time that is specified in the terms of the loan.

2nd February 2009 at 10:51 am

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