Credit Card Glossary

Letter N

National Bank

Upon incorporation, a bank must decide whether to be incorporated as a national or state-chartered bank. A national bank is regulated and overseen by the OCC and most national banks are the largest credit card issuers due to their potential outreach and are required to be members of the Federal Reserve and belong to the FDIC.

National Issuers

Financial institutions that issue credit cards to consumers and citizens within all 50 states.

Near Field Communication

The future of mobile payment technology that transmits credit card data between a device and credit card terminal using wireless technology. Many carriers and even Google have invested heavily in NFC technology as they believe it will be commonplace within the next 5 years.

Negative Information

Information on a credit report or file that is detrimental to the facilitation of a loan. The more negative information on one's credit report, the less likely they will get approved for a loan or credit card, and if they do, they will more than likely have less favorable terms and pricing in their contract.

Negative Option Deals

Free trial offers that charge consumers on a recurring basis if they fail to cancel their account. This commonly occurs in the identity theft or credit monitoring service world as many people forget to cancel their membership. The provider lures you in with a "free" score or trial and then in the fine print lists the terms about how there will be a recurring charge after a designated time if the service is not cancelled. Consumer advocates view these as deceptive advertising practices and some have been regulated, especially when it comes to "free credit reports."

Net Pay

The take home pay of a consumer after all deductions have been made -- tax, SS, etc.

New Balance

After adding finance charges, new purchases, and other fees to the unpaid balance from the previous statement, the resulting amount is the new balance.

NFC

NFC is the acronym for Near Field Communication which is the future of mobile payment systems. See Near Field Communication above for further details.

Non-dischargeable Debt

The debt that is not cleared away after bankruptcy is filed.