Although few people would likely compare personal finance to their favourite sport, the two things have one important commonality: you need to know the lingo to understand what’s going on. In fact, if you use a credit card it is your responsibility to understand not only the jargon, but the terms and conditions as well. 

Think how confused you’d be at a hockey game if you think “cake” when you hear “icing.” Similarly, if you think “cookies” when you hear “chip,” you may have trouble at a credit card machine that uses EMV-chip security.

While not knowing the jargon at a sporting event will simply result in a long couple of hours, not knowing important financial terms may lead to unnecessary fees and missed opportunities. Learn more.