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credit card/credit
| Term | Definition |
|---|---|
| annual fee | annual (yearly) fee charged by a credit card company each year for use of a credit card |
| annual percentage | is the yearly rate of interest that an individual must pay on a loan |
| rate (APR) | is the yearly rate of interest that an individual must pay on a loan |
| balance transfers | transfer of (part of) the balance (either of money or credit) in an account to another account |
| bankruptcy | Bankruptcy is a legal process under which a borrower protects and/or liquidates assets in order to repay debts. |
| cash advances | short-term loan from a bank or an alternative lender |
| co-signer | a person who signs a loan or lease jointly with another in order to guarantee payment |
| courtesy checks | are credit union checks with funds deducted directly from the member’s account |
| credit bureau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies |
| credit card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. |
| credit history | record of a consumer's ability to repay debts and demonstrated responsibility in repaying debts |
| credit limit | credit limit is the maximum amount of credit that a financial institution or other lender will extend |
| credit report | A report containing detailed information on a person's credit history |
| credit score | a number assigned to a person that indicates to lenders their capacity to repay a loan. |
| debt | the state of owing money. |
| finance charge | finance charge is any fee representing the cost of credit, or the cost of borrowing |
| grace period | a period officially allowed for payment of a sum due or for compliance with a law or condition |
| interest rate | the proportion of a loan that is charged as interest to the borrower |
| introductory rate | introductory rate on an adjustable or floating rate loan |
| late payment fee | Late fee consumers to pay on time and may be as high as $27 for the first late payment and $38 for a late payment |
| lender | an organization or person that loans money |
| line of credit | an amount of credit extended to a borrower |
| over the limit fee | over-limit fee is a fee charged when your balance goes over your credit limit |
| pre approved | passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply |
| principle | Principal is the amount borrowed on a loan or put into an investment |
| secured loan | less time to pay back the loan |
| term | the longer the term, the higher the rate of interest the investment pays |
Created by:
zgeiogamah20
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