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Credit Card Glossary: Terms and Definitions

Fair Credit Billing Act

The Fair Credit Billing Act is a federal law enacted to protect consumers from unfair billing practices, such as unauthorized charges, charges for unaccepted or undelivered goods and services and other disputed charges. Among its most important consumer protections: Your maximum liability under federal law for unauthorized use of your credit card is $50. If you report the loss before your credit cards are used, the act says the card issuer cannot hold you responsible for any unauthorized charges. The law applies to revolving charge accounts and open-end credit accounts, such as credit cards. To dispute a charge, send the creditor your name, address, account number and a description of the billing error to the address given for “billing inquiries.” The creditor must receive the letter within 60 days of sending the flawed bill and must acknowledge your complaint in writing within 30 days after receiving it. The dispute must be solved within two billing cycles, but no more than 90 days.

Terms from A-Z

Search the CreditCards.com glossary for every credit-related term from "account holder" to "zombie debt." Select a letter for alphabetized terms and definitions.

cCarbon-paper packetsCard issuerCard-linked loyalty offersCard memberCard member agreementCard-not-present (CNP) transactionsCard-not-present fraudCard-present (CP) transactionsCard-present fraudCard-present transactionsCard readerCardersCardholderCardholder agreementCardingCarding forumsCash advanceCash advance checkCash advance feeCash advance rateCash backCash cardCasherCashingChapter 11 bankruptcyChapter 13 bankruptcyChapter 7 bankruptcyCharge-back periodCharge cardCharge-offCharge-off rateChargebackChip-and-PIN cardsChip and signatureChip cardChip-enabled terminalChoice of lawChurningClaims and defensesClearingCloningClosed-end loanClosed loopCo-branded cardCo-signerCOB fraudCollateralCollectionCollection-proofCombined guaranteeCommercial cardsCommercial credit scoreCommunity propertyConcierge serviceconjoined accountConsumer credit fileConsumer credit reportConsumer Financial Protection BureauContact chip cardContactless chip cardContactless paymentsConvenience checksConvenience feeCorporate credit cardCramdownCredit bureauCredit bureau risk scoreCredit cardCredit Card Accountability, Responsibility and Disclosure Act of 2009Credit CARD Act of 2009Credit card imprinter formCredit card numberCredit counselorCredit freezeCredit historyCredit inquiryCredit life insuranceCredit limitCredit lineCredit mixCredit monitoring serviceCredit mulingCredit obligationCredit ratingCredit Repair Organizations ActCredit reportCredit reporting agency (CRA)Credit scoreCredit unionCredit utilization ratioCreditors meetingCross-collateralizationCryptocurrencyCurrency conversion feeCVV