Glossary

All credit cards listed in this survey are available to New York residents. Every card listed is generally offered to consumers at least 18 years of age who have no other relationship to the financial institution. Applicants must normally have at least have an average credit score (e.g. 700 FICO score) and at least a $12,000 gross annual income. Please note that specific application requirements vary by issuer. To help you better understand the information presented, a glossary of terms is presented below. Click on items in the sample to see the definition.

Issuer Information: Each credit card listed contains contact information for the institution offering the card. This includes name, address and telephone number. Back to top.

Card Name: This is the common name used for the particular credit card. Back to top.

Card Type : Indicates whether the card is MasterCard, Visa, etc.

Card Class: Identifies the card as being classic or standard issue, gold, platinum, etc. Back to top.

Card Category: Indicates if the card is a regular issue or is a special offer like a Student Card or features a Low Introductory Rate or some type of reward like Airline Miles or Cash Back. Back to top.

Margin Index: Customary term that applies to variable rate credit cards that states the amount of interest charged by the issuing institution above a stated government rate such as the Prime Rate. When the Prime Rate goes up or down, your annual percentage rate for purchases will follow suit usually within 30 days. Back to top.

Purchase APR: Annual percentage rate you will pay for purchases made using this credit card outside of any introductory period. Back to top.

Finance Calculation Method: This indicates how interest is calculated that you will pay the credit card issuer. Interest may be charged on your average daily balance (including new purchases) or it may be charged on your Two-Cycle Average Daily Balance. Back to top.

Minimum Credit Limit: The smallest amount of credit issued on this card. Back to top.

Maximum Credit Limit: The largest amount of credit issued on this card. Back to top.

Annual Fee: This is a fee paid by you to the card issuer each year for the privilege of using the credit card. Back to top.

Over the Limit Fee: This is a fee charged by the issuing institution if your charges exceed your maximum limit. Back to top.

Late Payment Fee: This is a fee charged by the issuing institution if you are late making your payment. Back to top.

Penalty/Default APR: This is the annual percentage rate charged by the issuing institution in the event your account falls into a default or penalty category. This rate is typically significantly higher than the normal purchase rate. Back to top.

Penalty/Default Trigger: A penalty APR can be triggered by several things, but is most often triggered by late payments. An example would be if you were late twice in a 12 month period of time. Back to top.

Maximum Default APR: The is the maximum interest rate charged by the issuing institution. Back to top.

Universal Default Clause: A universal default clause generally states that if you default (are late paying your bills) to another creditor, then the interest rate on your credit card could be raised to the Penalty or Default APR. Banks that utilize the universal default clause periodically check the credit reports of their cardholders. Furthermore, if a cardholder's credit score is lowered for any reason—late payments, high debts on loans, etc.—then the universal default can be activated.Back to top.

Foreign Currency Fee: This is a fee charged if you use your credit card in another country. Back to top.

Introductory Rate: A promotional interest rate for a limited period of time for new credit card applicants, typically considerably lower than the normal purchase rate. Back to top.

Introductory Period: The exact period of time, usually six or twelve months, that an introductory rate offer remains in effect. Back to top.

Grace Period: This is the number of interest-free days you have on purchases using your credit card. Back to top.

Balance Transfer Fee: This is a fee that my be charged by the issuing institution when you transfer balances from another credit card to this account. Back to top.

Cash Advance Fee: This is a fee that may be charged by the issuing institution for Cash Advances on your credit card account. Back to top.

Minimum Fee: This is the minimum amount charged by the issuing institution for Balance Transfers or Cash Advances. Back to top.

Maximum Fee: This is the maximum amount charged by the issuing institution for Balance Transfers or Cash Advances. Back to top.

Rebate Description: This explains the terms of a rebate offer such as Cash Back or Airline Rewards. Back to top.

Special Notes: This includes any special information about the credit card being offered. Back to top.