Credit Card Contract Definitions [by CFPB]

13 12 2011

Many of us own credit cards and receive our monthly billing statement and mail in that payment.  What some of us may not know are the actual terms within the billing statement and credit card contract.  For example, a Grace Period is the time between a transaction date (aka the date the item was purchased) and the time payment is due (aka payment due date) to avoid interest charges.

For more definitions, read the Consumer Finance Protection Bureau’s definition list.

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