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Glossary
We realize some of the credit wording the banks use can get confusing. We've put together this glossary to help you better understand commonly used words, phrases, and acronyms in the credit industry.

Glossary

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	Garnishment
	Garnishment is a legal and binding process where a creditor has obtained a judgment order against a borrower's debt and may subsequently obtain full or partial payment by seizure of a portion of a debtor’s assets (wages, bank account, etc.).

	Gold Card
	A gold credit card has a gold hue and generally offers a larger line of credit than a standard credit card, and may also provide extra perks or incentives to the cardholders.

	Grace Period
	A period of time from the end of the billing cycle that you can pay your balance in full without being subjected to an interest charge. Most issuers only grant an interest free grace period if the pervious month balance was paid in full. If a credit card user does not carry a balance, the grace period is the interest-free time period that a lender allows between the transaction date and the billing date. The standard grace period is usually between 20 to 30 day periods. If there is no grace period allowed, finance charges will accrue the moment a purchase is made with the credit card. People who carry a balance on their credit cards generally have no grace period.

	Gross Income
	This is a combination of all the money, goods and property a person receives during the physical year period before it is reduced by using adjustments, deductions or exemptions. People who use the barter system have to include the value of what ever they may have received in exchange for other services as part of their gross income reporting.

	Guarantor
	A guarantor is an individual or business entity who is financially liable for an account and does not have any charging privileges to the cardholder's account.