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Credit Cards
| Term | Definition |
|---|---|
| Annual Fee | yearly charge by banks and financial institutions to customers for use of their credit cards |
| Annual Percentage Rate(APR) | refers to the annual rate of interest charged to borrowers and paid to investors |
| Balance transfers | the transfer of the balance in an account to another account, often held at another institution |
| Bankruptcy | 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 service provided by most credit card and charge card issuers |
| Co-signer | a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay |
| Courtesy Checks | a “visual” inspection and takes a few minutes to perform |
| 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 record of a borrower's responsible repayment of debts |
| Credit Limit | 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 detailed summary of an individual's credit history, prepared by a credit bureau |
| 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 | any fee representing the cost of credit, or the cost of borrowing |
| Grace Period | the period between the end of a billing cycle and the date your payment is due |
| 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 interest rate charged to a customer during the initial stages of a loan |
| Late Payment Fee | refers to a charge consumers pay when they fail to make a payment on a debt such as a loan or a credit card, or any other type of financial agreement |
| Lender | an organization or person that lends money |
| Line of Credit | 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 | a penalty charged by credit card companies when cardholders' purchases exceed their credit limit |
| Pre-approved | a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer |
| 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 | are business or personal loans that require some type of collateral as a condition of borrowing |
| Term | a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last |
Created by:
Emorton211
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