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Houston Mortgage > Glossary >
Credit Card > P 1-10
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Payment cap
A contractual limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
PC banking
A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
Penalty rate
Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
Periodic rate
The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.
Personal finance manager
Specialized computer programs that help customers carry out a variety of personal finance activities. These programs typically allow consumers to do much of their work off-line, then dial in to complete their bank transactions.
Personal Identification Number
A confidential personal identification code, usually consisting of four to six digits, used by bank customers to access their account balances when using a self-service automated teller machine (ATM). Also known as a PIN.
PIN
Personal Identification Number. A confidential personal identification code, usually consisting of four to six digits, used by bank customers to access their account balances when using a self-service automated teller machine (ATM).
Point-of-Sale
An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer¡¯s checking account. Also known as POS.
POS
Point of Sale. An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer¡¯s checking account.
Power of attorney
A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and checks, for example.
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