A
Annual Fee
Various card issuers charge an annual fee, which can help offset costs that issuers incur in maintaining accounts and providing services.
Annual Percentage Rate (APR)
Sometimes called the Annual Interest Rate. The yearly interest rate or percentage that you pay on an outstanding balance in the form of interest and fees.
Automated Teller Machine (ATM)
Lets you perform banking transactions anywhere and at any time. Using a debit or ATM card at an ATM, you can withdraw cash from cheque or savings accounts, make a deposit or transfer money from one account to another or perform other functions. You can also get cash advances using a credit card at an ATM. You should be aware that many banks charge transaction fees for using another bank's ATM.
B
Balance Transfers
The process of moving an unpaid credit card balance from one issuer to another.
C
Cash Advance
You can obtain cash on the spot by using your card at a bank or an ATM that displays the MasterCard® logo. The amount of the cash advance is deducted from your available credit line or funds on deposits. A fee is often charged for cash advances. In addition, the interest rate may be higher than on purchases and usually there is no grace period. (A cash advance is different from a withdrawal you make with your ATM card.)
Credit History
A record of how you have paid accounts in the past; used as a guide to determine whether you're likely to pay accounts on time in the future.
Credit Line/ Line of Credit
Also referred to as your credit limit. This is the maximum amount you can borrow using your card.
F
Finance Charges
The price paid to a lender for the use of borrowed money. Interest is charged as a percentage of your outstanding balance (purchases and charges reduced by payments or credits posted). This percentage, or interest rate, can vary from card to card.
Fixed Rate
A set APR that does not change in response to interest rate changes and conditions. A Variable Rate periodically goes up or down based on fluctuations in market interest rates as reflected in a published index (e.g., the bank base lending rates published in The Financial Times and other newspapers).
G
Grace Period
The time — usually 20-25 days — when you're not charged interest for purchases you've made. For example, if the billing date on your credit card bill is 1 May and you have paid your prior balance in full, you may have until 20 May to pay your new balance in full. If you do, you will not be charged interest. If your payment arrives after May 20 — or if you don't pay the entire balance — you may be charged interest from the date of purchase as posted. Some accounts have no grace period, which means interest is charged on purchases from the date they are posted.
I
Introductory Period
The period during which the Introductory Rate applies to balances outstanding on your account.
Introductory Rate
A special APR that applies for a limited time only.
M
Merchant
Location or store where purchases are made.
MasterCard Emergency Services
For 24-hour customer service, just call 1800-120-113 for assistance. You can report a lost or stolen card, request a cash advance or simply find out information. Outside Australia, please call directory assistance for the MasterCard Emergency Services number. With this service, you can call toll free from over 75 countries worldwide. Emergency Service call costs vary. Calls to local Emergency Service numbers are free of charge from landlines. Call collect does not apply to calls made from mobile phones.
N
No Preset Spending Limit
No Preset Spending Limit rewards consumers who have established a good credit history. The card's spending limit is not predetermined. Instead, it is set by the card's issuer, based on account history, spending patterns, payment history and other personal variables.
O
Online Banking
Online systems enable you to access a host of banking services from a personal computer or other mobile device by connecting with the bank's computers over the internet.
P
PIN
Personal Identification Number: Secret code you choose for your card that enables you to access your money or perform banking transactions through the ATM as well as make purchases without signing a sales receipt at merchants that have PIN pads. Don't share your PIN with anyone.
Platinum Concierge Service
Provides eligible Platinum MasterCard cardholders with access to comprehensive personal assistance via telephone or internet. This includes restaurant reservations, tickets to popular cultural and sporting events, personal shopping, business services, travel destination support, and other services.
Conditions and restrictions apply.
• Platinum Concierge Service is a feature provided to you by your card issuer. MasterCard's role in Platinum Concierge Service is to provide access to these services on behalf of your card issuer. Your participation in Platinum Concierge Service, and information collected in connection with your participation, is governed by your cardholder agreement with your issuer and your issuer's applicable privacy policy. MasterCard may also use third parties to provide Platinum Concierge Service, and such third parties will only use any information about you as necessary to provide you with the services you request.
R
Rewards Program
A points-accumulating program based on purchases or transactions made on your card. These points can be redeemed for the particular program you enrolled in (e.g. airline, hotels, etc.). Banks may charge annual fees to participate in a rewards program.
S
Secured Cards
Secured cards are a great first step for those with little or no credit history. This type of card requires that a security deposit be made in order to establish a credit line. Your credit line will typically be equal to the amount of your deposit.
W
Worldwide Acceptance
With more than 33 million acceptance locations worldwide, no payment card is more widely accepted globally than MasterCard.
Z
Zero Liability
Pay only for purchases that you have authorised on your MasterCard card. As long as your account is in good standing, you have exercised reasonable care in safeguarding your card, and you have not reported two or more unauthorised events in the past 12 months, unauthorised purchases are not your responsibility.
Additional terms and conditions apply. Find out more.