MoneyMax.ph's Glossary to Credit Cards in the Philippines
Minimum Payment
The minimum payment is a portion of the outstanding balance that you are required to pay in a monthly statement. The rest of the amount that isn't paid will be subject to interest.
Online Banking
This refers to all electronic systems that allow you to do any banking transactions using the internet. You can transfer money, pay bills or just check the balance in your accounts using online banking.
Personal identification number (PIN) is the security code that you need to key in whenever you need to perform any banking transactions. This includes withdrawing money from an ATM. Your PIN should not be shared with anyone.
This is a payment in the form of a discount, reduction, return, or refund for a paid service or merchandise, and is usually given as a reward for credit cardholders for making a transaction with partner merchants.
Rewards Program
A rewards program is a feature that many credit cards have. It allows cardholders to accumulate rewards points that can be exchanged for vouchers, cashback or even air miles.
Secured Cards
This is a type of credit card that requires the cardholder to make a deposit before being granted a credit line. The credit limit for secured cards are the same or less than the deposit the cardholder puts in. If you always pay your bills on time, you might arrange to apply for a major credit card.
Security Code
This is the three-digit code which follows right after your card number, usually printed on the signature strip at the back of your card.
Visa is a top payment processing network that is widely accepted around the world.

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