Here is a collection of commonly used phrases or UK jargon for Credit cards in the UK. This website and its information is for guidance only, make sure you discuss all terms and conditions with your lender. Always read the terms and conditions carefully.
Credit cards
The two most important issues to consider is the type of clearance system that is used, and the type of card you are applying for. There are 3 main types - credit, debit or charge cards. MasterCard and Visa are the most popular credit card companies, however American Express and Diners International are also big.
Here is a list of the major players in the UK credit card market:
MasterCard and Visa providing international service. New technologies such as chip and pin cards have arisen because of the investment by these two companies in order to make transactions safer and secure.
American Express and Diners International which are more exclusive. The classic American Express card is a charge card with no credit available after the end of the month. Amex cards have high spending limits and often unlimited spending allowed on a card in any month. Exclusivity sometimes means that these cards are not always accepted by shops or stores.
Debit Cards - Most commonly Switch, Maestro and Visa Electron. The 2 biggest UK debit cards are Visa Delta and Switch. The Switch Card Scheme started in 1988 by Natwest, The Royal Bank of Scotland and Midland Bank. These founder members originally administered the company, but an independent company was subsequently launched to manage and market the Switch scheme as the network expanded.
Some websites or shops do not accept Switch because Switch uses a different clearance system. Visa debit cards are accepted almost everywhere because they use the Visa clearance system. There are some occasions where only debit cards are accepted, like bill payments but other occasions like hiring a car, where a credit card is required for deposit purposes.
Status Cards - Platinum and Gold credit cards provided by most credit card suppliers. Gold and platinum cards are a pure status symbol but offer few benefits over normal cards. In fact, higher interest is sometimes charged for the benefit of the colour of your card.
Store Cards - A facility of credit for store or shop purchases.
Hybrid Cards - With these you can select your own interest rate and rewards package. There are an increasing number of hybrid type cards where you can choose a low interest rate or cash rewards. Accucard is the main provider and supplies Lloyds TSB, More Th>n and easyMoney. Virgin credit card and Egg also provide hybrid card options.
Charity Cards - Charities earn money as you use your credit card. The Co-op Bank, MBNA, and the Bank of Scotland provide charity credit cards. These cards work by offering a charity a flat fee for every card application, and then a percentage of all purchases on that card.
Charge Cards - Charge cards are similar to credit cards but the balance must be paid in full each month.
Student Credit Cards - Cards tailored for under graduates and other students.
