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Credit Cards
| Term | Definition |
|---|---|
| Annual Fee | a yearly charge by banks and financial institutions to customers for use of their credit cards |
| Annual Percentage Rate (APR) | the yearly interest generated by a sum that's charged to borrowers or paid to investors |
| Balance Transfers | a type of credit card transaction in which debt is moved from one account to another |
| Bankruptcy | the state of being completely lacking in a particular quality or value |
| Cash Adavnces | a service provided by credit card issuers that allows cardholders to immediately withdraw a sum of cash, often at a high interest rate |
| Co-signer | to sign jointly with a borrower for a loan |
| Courtesy Checks | blank checks that lenders, usually credit card issuers or home equity line of credit lenders, offer to their customers |
| Credit Bureau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies and financial institutions |
| Credit Card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit |
| Credit History | the ongoing documentation of an individual's repayment of their debts |
| Credit Limit | refers to the maximum amount of credit a financial institution extends to a client |
| Credit Report | 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 between 300–850 that depicts a consumer's creditworthiness |
| Debt | the state of owing money |
| Financial Debt | money raised through the issuance of bonds |
| 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 that's usually below-market and is offered for the initial billing cycles of the credit card |
| 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 | an amount of credit extended to a borrower |
| 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 | the amount you borrowed |
| 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:
eschneider22
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