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Credit Cards
| Term | Definition |
|---|---|
| Annual Fee | a yearly cost you pay to use certain cards from some issuers. |
| Annual Percentage | the price you pay for borrowing money |
| Rate (APR) | refers to the yearly interest generated by a sum that's charged to borrowers or 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 that allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit |
| Co-signer | A person who pledges to pay back the loan if you do not. |
| Courtesy Checks | a check issued by a credit card company that you can use to pay balances on other cards or make purchases. |
| 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 payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt. |
| 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 breakdown of an individual's credit history prepared by a credit bureau. |
| Credit Score | a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report, information typically sourced from credit bureaus. |
| Debt | someone owes money. |
| Finance Charge | a fee charged for the use of credit or the extension of existing credit. |
| Grace Period | the period between the end of a billing cycle and the date your payment is due. During this time, you may not be charged interest as long as you pay your balance in full by the due date. |
| Interest Rate | the price you pay for borrowing money |
| Introductory Rate | an interest rate charged to a customer during the initial stages of a loan. |
| Late Payment Fee | a charge imposed on a consumer who fails to make the payment on a debt or other financial obligation by the due date. |
| 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 to credit card customers who breach their credit limits. |
| Pre-approved | the pre-qualification for a loan or mortgage of a certain value range. |
| Principal | money lent to a borrower or put into an investment. |
| Secured Loan | 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:
Pbrennan23
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