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Credit Cards&Reports
| Term | Definition |
|---|---|
| Annual fee | a lump sum that needs to be paid every year that you're signed up for certain credit cards. |
| Annual percentage rate (APR) | the yearly interest rate you'll pay if you carry a balance on your credit card |
| Balance transfers | moving debt from one account to a new one with a low or 0% interest rate |
| Bankruptcy | the state of being completely lacking in a particular quality or value |
| Cash advances | the act of withdrawing cash against your credit limit through the use of your credit card |
| Co-signer | a person – such as a parent, close family member or friend – who pledges to pay back the loan if you do not |
| Courtesy Checks | allow you to access your line of credit in situations where credit cards are not accepted |
| 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 your ability to pay back your debts, whether it be credit card bills, student loans, or a mortgage |
| Credit limit | the maximum amount of money a lender will allow you to spend on a credit card or a line of credit |
| 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 numerical rating representing the perceived ability of a person or organization to fulfill their financial commitments, based on an analysis of their credit history and current financial circumstances. |
| Debt | something, typically money, that is owed or due. |
| Finance charge | the cost of consumer credit as a dollar amount. |
| Grace period | the period of time between the end of a billing cycle and when your bill is due. |
| Interest rate | the price you pay for borrowing money |
| Introductory rate | a perk issuers offer to new cardholders, usually to incentivize opening an account and using it to make purchases |
| Late payment fee | the charge the credit card issuer applies to your account if you fail to meet the minimum payment by your bill's 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 | to say that you will say yes to (someone or something) when a final or official request is made |
| Principle | the original amount you borrowed and have to payback |
| Secured Loan | a type of loan in which a borrower pledges an asset such as a car, property, or equity etc., against that loan |
| Term | the time period of an investment, the provisions of an agreement or contract, and lifespan assigned to an asset or liability |
Created by:
kbrunn
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