Refers to the practice of considering someone in default on a loan or credit card due to late payments or defaults on an unrelated credit card, loan or bill. Example: Imagine you have a credit card and a mortgage. If your credit card company practiced universal default and you missed a payment on your mortgage, then the interest rate on your credit card would automatically increase to the Penalty/Default APR even though, for the purposes of this example, you have not missed a payment on the card.

A credit card granted without a deposit or collateral.

Credit spent is subtracted from your credit limit to determine your unused credit.