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Taking the confusion out of banking

If you don't know your APR from your EAR, or your excess from your equity, help is at hand. We've included five jargon terms for each of our product ranges. If you don't see the term you want here, we've included a handy link that will take you through to the full glossary.

Credit Cards


The Annual Percentage Rate is the rate you will be charged on your credit card balance over the course of a year. It takes into account the interest you pay, how often you make repayments, and any other additional charges such as processing fees. Any company issuing a credit card must provide you with the APR so that you can compare different offers and decide which is the best for you. Make sure you are aware of other factors such as rewards, interest free periods, balance transfer offers and purchase offers. These can affect how much you spend with your card.

Balance transfer

The transfer of money you owe on another credit card, store card or loan to the balance on another credit card. If you are opening a new credit card account, the interest rate on your balance transfer may be as low as 0% for the introductory period. Balance transfers may include a handling fee this will be clearly communicated within the product details.

Cashback credit cards

A credit card that will pay you back in cash a small percentage of all the purchases you make on your card. You must still clear your balance before the end of the interest free period or the interest charged will probably be more than the cashback received.

Chip and PIN

A security technology that replaced the former method of signing your name to confirm a purchase. The use of a PIN (personal identification number), rather than a signature which can be forged, makes this a more secure system. Our new contactless payment technology system speeds up this process whilst retaining the same high level of security.

Contactless payment technology

A new, quick and easy way to pay for purchases of £20 or under. Simply hold your Barclays debit or credit card against the reader at the till. Enjoy the same fraud protection as Chip and PIN. All new Barclays debit or credit cards now come with integrated contactless payment technology.

Current account terms

Gross rate per annum

The amount of interest paid on an account before the deduction of any income tax.

Chip and PIN

A new way of paying with credit, debit and charge cards in the UK that's designed to cut the cost of card fraud. When you use your card to pay for goods at shops, restaurants, petrol stations etc, you'll enter a four-digit personal identification number (PIN) into keypads at the checkout instead of signing to authorise the transaction.

Connect card

The name of your Barclays Bank debit card. You can use it to withdraw money from cash machines and pay for things in shops and other outlets.


The process of presenting cheques to the drawer's bank for payment. For example, if a friend writes you a cheque, you pay it into your account. Your bank then sends it to your friend's bank, which decides if it will honour it. It should do if your friend has enough money in the account. If the cheque is returned unpaid, you will be advised by post. The process takes several days, which is why payments into your account may take a while to show up on statements.


A service offered by most supermarkets and some pubs. It allows you to withdraw cash from your current account when you shop using your debit card. The total amount - the cost of your shopping or drinks plus the cash - is deducted from your current account.

Savings terms


The Annual Equivalent Rate shows what the earnings on your savings would be if interest was paid and compounded once each year. If you have an account that pays interest monthly or quarterly you will only get the full AER rate if you leave the interest in the account for the entire year. Use the AER to compare rates on different accounts and decide which one works best for you.

Fixed rate

A rate of interest that is fixed on the day of investment.

Gross pa

The amount of interest paid on an account before the deduction of basic rate tax. Like the AER, you can use the gross pa figure to compare different savings accounts and decide which one works best for you.

Tiered interest rate

As your balance grows the interest rate applicable may increase to a higher rate.

Variable rate

A rate of interest that can go up or down throughout the lifetime of the savings account.