Credit Card Glossary for Concora Credit Cardholders

Annual fee

A yearly charge for having the card account open. On Concora Credit cards it is usually billed when the account opens.

APR (Annual Percentage Rate)

The yearly interest rate charged on balances you carry past the due date.

Authorized user

A person you add to your account who receives a card. You're responsible for their charges.

Charge-off

When a lender writes off a severely delinquent debt as a loss. It remains a serious negative item on your credit report.

Credit bureau

A company that maintains credit reports: Experian, Equifax and TransUnion.

Credit utilization

Your revolving balances divided by your credit limits. Lower is better; under 10% is ideal.

Deferred interest

A promotion where interest is waived only if the full balance is paid by the promo end date; otherwise interest is charged retroactively.

FICO® Score

The most widely used credit score, ranging from 300 to 850.

Grace period

The time between the statement closing date and the due date when you can pay in full without interest on purchases.

Hard inquiry

A credit check made when you apply for credit. It can lower your score slightly and stays on your report for two years.

Issuing bank

The bank that legally extends the credit — e.g., The Bank of Missouri or Celtic Bank for Concora Credit cards.

Minimum payment

The smallest amount you must pay by the due date to keep the account current.

Over-limit coverage

An optional service that lets transactions exceed your limit, for a fee. You must opt in.

Prequalification

A soft-pull review that shows whether you're likely to be approved.

Private-label card

A store card usable only at a specific retailer.

Schumer box

The standardized table of rates and fees in a credit card offer.

Secured card

A card backed by a refundable security deposit. Concora Credit cards are unsecured.

Servicer

The company that manages your account day to day — for these cards, Concora Credit.

Soft inquiry

A credit check that doesn't affect your score, used for prequalification.

Statement closing date

The date your balance is calculated and usually reported to the bureaus.