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Credit Cards&Reports
| Term | Definition |
|---|---|
| Annual Fee | Any fee that is charged on an annual (yearly) basis. One of the most common occurrences of an annual fee is the fee that is charged by some credit card companies to their credit card holders, simply for having the credit card. |
| Annual percentage | The term annual percentage rate of charge, corresponding sometimes to a nominal APR and sometimes to an effective APR, is the interest rate for a whole year, rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. |
| Rate(APR) | An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment. |
| Balance Transfer | A balance transfer is the transfer of the balance in an account to another account, often held at another institution. |
| Bankruptcy | the state of being bankrupt |
| Cash advances | A cash advance is a service provided by most credit card and charge card issuers. |
| Co-Signer | To cosign is the act of signing cooperatively with a borrower for a loan |
| Courtesy Checks | Free with any maintenance or repair service, the Midas Touch® Courtesy Check is a comprehensive visual inspection of your car's major components and systems designed to identify any current problems |
| Credit Bureau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc. |
| Credit Card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit |
| Credit History | A credit history is a record of a borrower's responsible repayment of debts. |
| Credit Limit | A credit limit is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit |
| Credit Report | A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts. |
| Credit Score | a number assigned to a person that indicates to lenders their capacity to repay a loan. |
| Debt | something, typically money, that is owed or due. |
| Finance Charge | In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. |
| Grace Period | A grace period is a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken as a result of failing to meet the deadline |
| Interest Rate | the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding. |
| Introductory Rate | An introductory rate is an interest rate charged to a customer during the initial stages of a loan. |
| Late Payment Fee | A late fee is a charge a consumer pays for making a required minimum payment on a credit card after the due date. |
| Lender | an organization or person that lends money. |
| Line of Credit | an amount of credit extended to a borrower |
| Over-the-limit fee | An over-limit fee is a fee charged when your balance goes over your credit limit (also known as over the limit fee). |
| Pre-approved | In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. |
| Principle | a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning. |
| Secured Loan | A secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. |
| Term | a word or phrase used to describe a thing or to express a concept, especially in a particular kind of language or branch of study. |
Created by:
berick20
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