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Houston Mortgage > Glossary >
Credit Card > B 1-10
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Balance transfer
The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.
Balance transfer fee
Fee charged customers for transferring an outstanding balance from one card to another.
Bank
An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers. A bank must be chartered and meet certain criteria. Chartering is done by the Comptroller of the Currency for national banks, by the Federal Reserve System for state member banks, by the Federal Deposit Insurance Corporation (FDIC) for insured banks, and by state regulatory agencies. Also referred to as a commercial bank.
Bank holding company
A company that owns or controls one or more banks or companies associated with banking such as leasing companies, credit companies, etc. It is usually identified by the word Bancorp or Bancshares in the name. The Federal Reserve Board of Governors regulates all bank holding companies.
Bankruptcy code
The informal name for Title 11 of the United States Code (11 U.S.C. 101 - 1330), the federal bankruptcy law.
Bankruptcy trustee
A private individual or corporation appointed in all Chapter 7, Chapter 12, and Chapter 13 cases to represent the interests of the bankruptcy estate and the debtor's creditors.
Basis point
One one-hundredth of a percentage point. The difference between 8.04 percent and 8.05 percent is one basis point.
Bill presentment
An online system that allows customers to receive and view the bill on a computer, and then pay the bill electronically. Users can pay their bills immediately and the money is transferred from the account.
Billing cycle
The number of days between the last statement date and the current statement date.
Billing statement
The monthly bill sent by a credit card issuer to the customer. It gives a summary of activity on an account, including balance, purchases, payments, credits and finance charges. Important changes to a credit card account are often included in small-print fliers that are sent with the statement.
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