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Glossary

Annualised Percentage Rate (APR)
The Annualised Percentage Rate (APR) is a number that integrates and references interest rates, loan tenors, handling fees, and other related costs that come with personal loans, revolving loans, cash advances of credit cards and so on. The APR is a good metric for mainly comparing these banking products in Hong Kong. With the APRs, some of the banks can show the actual costs of applying for loans including the interest rebate. All the APRs for the financial institutions in Hong Kong have to be determined and calculated according to the relevant guidelines from the Code of Banking Practice issued by the Hong Kong Monetary Authority.
Credit history
This is the record of payments you have made and loans you took in the past. Credit card issuers would look at this data as a basis in determining how much of a risk they are taking in lending you money.
Credit limit/ credit line
Refers to the maximum amount you may charge on your credit card. Your card may be declined or you can be imposed a penalty if you exceed your credit card limit. Over time, you may arrange to have your credit limit increase or decrease your credit limit.
Unsecured Loan
An unsecured loan is a loan that does not require a collateral with personal loans as the most popular type. Besides, unsecured loans also include credit cards. Unsecured loans are awarded based on factors such as the borrower's credit rating and repayment ability . Because unsecured loans pose greater risks for lenders if the borrower defaults. For this reason, unsecured loans often have higher interest rates than the secured loans.

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