Loans and Credit Cards Glossary - M

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Money terms defined on this page:
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• MasterCard
• Minimum payment

There are very few practical differences between MasterCard and Visa, and both are widely accepted across the world. You may have trouble paying for MasterCard-sponsored events with a Visa card and vice versa, and in some countries a particular type might be more widespread. Both offer fraud protection measures, convenience and payment protection.
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Minimum payment

If you owe money on your credit card, this is the minimum amount you must pay before the payment date on your bill. You can choose to pay more than this, but you will incur a late payment fee if you forget to pay up.
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