Glossary
The following terms, organised alphabetically, are used within the cards industry. Here you will find simple explanations to help you navigate the jargon and specialist terminology.
| Insolvency Practitioner |
An Insolvency Practitioner is an authorised person who specialises in insolvency, usually an accountant or solicitor. They are authorised either by the Secretary of State or by one of a number of recognised professional bodies. Your local court can give you names of local practitioners, or a list is also available from your local Official Receiver office. |
| Interchange |
The fee paid by acquiring banks to card issuers for each transaction. The rates are determined by the card schemes and are dependent on the level of risk and expense involved in processing a transaction. |
| Interest |
The charge a borrower will pay if they borrow money, and the income an investor will receive if they lend money or invest it in an income-producing bank account or in a security like a bond or a gilt. |
| Interest Free Period |
The period of time a customer may be given to pay the outstanding balance in full on their latest statement before interest is charged |
| Interest Rate |
The percentage rate at which interest is charged on money that is borrowed or invested. It is expressed as a percentage of the amount borrowed or invested, usually over one year, but could be over one month. |
| Issuer |
A bank or building society issuing payment cards, ATM / cash machine cards or cheque guarantee cards to its customers. |
