B:

Bad Credit: This is a term which is used to describe an individual’s poor credit rating. A person often has bad credit when he makes late payments, exceeds his credit card limit or has been declared bankrupt.

Balance: It is the total money owned by an individual. This may include any unpaid debt, purchases made, any amount that has been paid before it is earned and other charges such as annual fees, late fees or interest.

Balance Transfer: This refers to the process of transferring outstanding balance from one credit card account to another. This is done through special checks, forms or applications.