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Credit Cards
| Term | Definition |
|---|---|
| Annual Fee | An annual fee is a yearly charge by banks and financial institutions to customers for use of their credit cards. |
| Annual Percentage Rate (ARP) | An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment. |
| Balance Transfers | A balance transfer is the transfer of the balance in an account to another account, often held at another institution. |
| Bankruptcy | Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. |
| Cash Advances | A cash advance allows you to use your credit card to get a short-term cash loan at a bank or ATM. |
| Co-signer | A co-signer is a person – such as a parent, close family member or friend – who pledges to pay back the loan if you do not. |
| Courtesy Checks | Convenience checks are blank checks that that credit cards companies send to customers. |
| 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 (sometimes called a credit line, line of credit, or a tradeline). |
| Credit Report | A credit report is a detailed breakdown of an individual's credit history prepared by a credit bureau. |
| Credit Score | A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. |
| Debt | something, typically money, that is owed or due. |
| Finance Charge | DescriptionIn United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. |
| Grace Period | 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, is waived provided that the obligation is satisfied during the grace period. |
| Interest Rate | the percentage of principal charged by the lender for the use of its money. |
| Introductory Rate | an interest rate charged to a customer during the initial stages of a loan. |
| Late Payment Fee | A late payment fee (a late charge) is charged to a borrower who misses paying at least their minimum payment by the payment deadline. |
| Lender | an organization or person that lends money. |
| Line Of Credit | A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. |
| Over-The-Limit Fee | Over-limit fees are typically $25 for the first over-limit charge and $35 if you go over the limit a second time within the next six months |
| Pre-Approved | pre-approved" means "you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply |
| Principle | the original sum of money borrowed in a loan or put into an investment. |
| Secured Loan | a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. |
| Term | a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last. |
Created by:
Wjones20
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