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Loans and Credit Cards Glossary - F
Money terms defined on this page:
For a full glossary list click here
Fixed APR
If your loan has a fixed APR, the interest rate will stay the same for the lifetime of the loan. This means that you’ll always know what your repayment amount will be from month to month.
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Fixed monthly payment
If you have a credit card, there are three ways in which you can manage your repayments: pay the minimum amount each month, pay the full amount each month, or agree on a fixed monthly payment. This must be larger than your minimum payment, but it can go towards paying off your entire debt eventually.
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Foreign usage
If you want to use your credit card abroad, you might have to pay a ‘foreign usage loading’ charge of 2.75%. Check with your card issuer if you’re concerned about this, as not all banks impose this fee.
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Fraud prevention (credit cards)
The advent of Chip and PIN has gone a long way to preventing credit card fraud, and huge steps are always being made in this area. Most credit card companies will now agree to reimburse you for any losses if your credit card is stolen or its details are copied and used.
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