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Home > Financial Services > Credit Cards > Glossary of Credit Card Terms >

Glossary of Credit Card Terms

Account number

This is a unique number assigned to your account, and will be printed on any of your credit card statements.

Additional card

A card that is issued to a family member that you have nominated. This is an additional credit card, but transactions will be included in your credit card account.

Annual percentage rate (APR)

The indicative cost of credit on a yearly basis. This rate is the interest you will have to pay on any outstanding credit (not including any introductory or promotional rates).

Authorised user

A person who is issued with an additional credit card and who has full charging privileges on the main cardholder's account, but who is not responsible for the repayment of the balance on the account.

Authorisations

Approved transactions for which funds have been set aside. Once a transaction is transmitted through the credit card system, the pending amount will be replaced by an actual charge. If the charge is cancelled and not processed through the credit card system, the pending transaction will be removed from your account approximately 14 days after it was authorised.

Available credit

Your current credit limit, less your current outstanding balance and any authorised but pending transactions (including temporary Authorisations, above).

Balance transfer

A transfer of funds from another credit card or store card to your new credit card. The existing outstanding debt is transferred to the new card. Use our balance transfer calculator to see how much you could save by transferring to an AA Credit Card.

Credit card cheque

A cheque that is drawn against your credit card account.

Credit limit

The maximum amount of credit you may borrow on your account.

Credits

Refunds and payments that are applied to your account. One example of a refund is a merchant credit for returned merchandise.

FAQs

An online document that answers the most 'frequently asked questions' on a certain subject. View our FAQs for credit cards.

Last payment date

The date that the last payment was received on your account.

Main cardholder

The person responsible for the repayment of the account balance. This person is listed first on the account.

Money transfer

Funds from your credit card transferred into a debit/current account.

Minimum payment

The minimum amount that must be cleared onto your account on or before the payment due date.

Outstanding balance

The amount you currently owe on your credit card account.

Overdue amount

The total amount of scheduled monthly payments that has not been received by the required due dates, in accordance with your AA Credit Card Agreement.

Payment due date

The date on which your next payment is due. At least your minimum payment must be cleared onto your account before this date, to remain in compliance with your AA Credit Card Agreement. Accounts with payments received after the due date are subject to late fees.

PIN

This acronym stands for Personal Identification Number, a unique number only known to you. You must have your PIN when making purchases or when you withdraw cash from an ATM/cash machine.

Promotional rate

An interest rate that is applied to your account until a given expiry date. Thereafter it will revert to the interest rate applicable to your account at that time. Your promotional rate is valid providing you are within the terms and conditions of your AA Credit Card Agreement.

Statements

A summary of your credit card activity, including transactions for any given month or period

Statement date

The last day of your monthly statement period. After the closing date, your statement will be generated, and future activity will appear on your next month's statement.

Total minimum payment due

The minimum amount due for the month, plus any amounts that are overdue from previous months' minimum payments (see your AA Credit Card Agreement).

Transaction date

Usually the date that you authorise a merchant or bank to process a transaction on your credit card account. For credit card cheques, this is the date that the payee deposits or cashes the cheque.