Credit cards

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Here are the five definitions that we think you'll find most helpful.

Contactless payment technology

A new, quick and easy way to pay for purchases of £15 or under. Simply hold your debit or credit card against the reader when making your purchase. Enjoy the same fraud protection as Chip and PIN. All new Barclaycard credit cards now come with integrated contactless payment technology.

Interest-free period

There are normally two separate instances where you will not have to pay interest on your card balance; on your initial balance transfer and for a set period of time after you receive your statement each month. When you get a new card you may be given an interest-free period of between three months and a year to pay off any balance transfers from your old credit card, store card or loan. This service usually carries a one-off handling fee. You’ll also usually be given an interest-free period every month after you receive your statement. If you pay off your statement balance in full before the end of the interest-free period you won’t pay any interest on your purchases. This does not generally apply to balance transfers (after the introductory period), cash withdrawals or cheques drawn from your credit card account. The interest-free period on all Barclaycards is 56 days.

Credit rating

A system used by banks and finance companies to assess applications for credit cards. Your credit rating is based on information in your credit report and on the information you give about yourself in your application. Your credit report will include information from the electoral roll, details about any court judgments or bankruptcies in your name and details of your existing and previous credit arrangements (such as credit cards, loans and mortgages) held in the last six years. We may also contact external credit rating agencies if we need further information. We try and make the system as transparent as possible and we also have a dedicated page with some Your credit rating . If you have been turned down for a credit card you may want to read through these suggestions before you apply again.

Pre-selected

You may be pre-selected to apply for a credit card. Log in to Online Banking to see if you have been pre-selected to apply for a card. If you’re a Barclays Online Banking customer, we’ve made it even easier for you by filling in some of your details on the application form.

Default charges

These are fees applied if you do not pay your minimum payment in time, go over your credit limit or if one of your payments is returned because you didn’t have enough credit in your account. As well as costing you money, these defaults will damage your credit rating and reduce your chances of getting a better credit limit or a new card with an improved interest rate, so it’s a good idea to keep on top of your repayments and know your credit limit.

Other terms you're not sure of? See our Credit cards Jargon Buster