Credit Card Glossary

Letter G

G.19 Report

A monthly report from the Federal Reserve that includes consumer debt and revolving credit (consisting almost completely of credit card debt). It also includes student loans, auto, boat, trailer, and other related loans and is also commonly referred to as the "Consumer Credit Report." It's used for academic purposes on a federal level as well as by underwriters, banking institutions, and academics.

Garnishment of Wages

A court order to seize a portion of a cardholder's income or paycheck to repay a creditor. Typically this practice is employed over time and a portion of the debtor or cardholder's paycheck is withheld to repay their loan.

Gift Card

A pre-loaded card for use at a specific merchant or in the case of a bank issued gift card, like an American Express Gift Card, a form of plastic that can be used as cash. In the case of a bank issued gift card there is typically a fee involved at point of sale of the gift card.

Go-To Rate

The interest rate charged after an introductory period is over. Also known as the regular rate. An example would be in the case of a 0% balance transfer offer where the intro term is 0% for 12 months with an APR of 12.99% thereafter. In this case, the go-to rate would be 12.99%.

Grace Period

The time period where a cardholder may pay their credit card bill without being charged interest. The minimum grace period by law is 21 days as outlined in the CARD Act and they typically only apply to purchases.

Gross Pay

Total salary before taxes. A consumer is usually asked to submit their gross pay when they apply for a credit card and is used as a metric in the risk calculation process for reviewing their application.

Guarantor

A signer on a credit card account who agrees to pay the outstanding debt on that account should the primary cardholder default. A guarantor is essentially the same thing as a cosigner and is most commonly seen when a parent or guardian acts as a guarantor for their college-aged child when they are attempting to obtain a student credit card but do not have substantial proof of income required for approval.