Also referred to as prime lending rate, this is the referenced interest rate used by banks as the annual percentage rate to quote loans against.

A prime rate is a rate that is 3% higher than the rate set by a bank. Most banks tend to have similar rates. Wall Street Journal is known for comparing the prime rates of different banks.

An encryption is a way to securely transport credit card information across the internet or credit card processing networks. It is a code on the card that keeps it secured.