The average daily balance helps determine the amount of interest you owe. This helps them to assess the maximum amount they’ll allow you to borrow on your card.Īssets can include things like cars, your home, or even stocks and shares. When applying for a credit card, some providers may ask you to provide an overview of the value of your assets.
The amount you pay usually depends on the type of card you choose. Some credit cards require you to pay an annual fee, which covers the costs of maintaining your account.
Just remember, you’re still responsible for all transactions and repayments on the card, as you’re the primary cardholder. If you want to add another person to your credit card, like your partner or another family member, this person is known as an additional cardholder. Understanding the jargon can help you make better financial decisions around credit cards.Ĭompare Club makes it simple to compare different credit cards side by side. Understanding common credit card terms should help you take control of your money.
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