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Thursday, May 24th 2012
Credit Card Glossary

Credit Card Glossary: Terms and Definitions

Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.
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Guarantor
A guarantor on a credit card account is a person who signs an agreement to pay off a loan for someone else if that someone else defaults. Also known as co-signing, it is a technique often used among family and friends to allow a person with good credit to vouch for a person with new credit or bad credit to get a loan. The presence of a guarantor or co-signer makes lenders more willing to approve loans for high-risk borrowers. While being a guarantor allows the person with bad credit to get a loan, it puts the person with good credit on the hook for the entire amount borrowed. See also co-signer.

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