Types of Payment

Cash Advance

A loan of cash you obtain with a credit card.

Money Order

A payment type paid for upfront and used to pay for goods or services which is safer than cash because you are able to be specific whom the money order should go to.

Debit Card

A payment type that allows you to make electronic purchases that debits the cost of the purchase directly from your checking account.

Credit Card

A payment type that does not automatically draw money from your account which provides a short-term loan with a high interest rate that you can use to make everyday purchases.

Cashier's Check

A payment type that is paid upfront and guaranteed by the bank not to bounce.

Balance Transfer

A transfer of your existing credit card balance to another credit card with a lower interest rate.

Annual Percentage Rate

Another name for the interest rate charged on the balance of a credit card.

Grace Period

In reference to credit cards, this is the amount of time you have to pay back a balance before it starts accumulating interest.

Credit

When money is added to an account.

Debit

When money is taken out of a bank account.