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Credit Card & Credit
| Term | Definition |
|---|---|
| Annual Fee | a lump sum you have to pay 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 | helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. |
| Cash Advances | the act of withdrawing cash against your credit limit through the use of your credit card. |
| Co- signer | a person who agrees to be legally responsible to pay a debt if the borrower does not pay back a loan as agreed. |
| Courtesy Checks | blank checks provided by lenders that borrowers can use to access credit lines. |
| Credit Bureau | collect and store financial data about you that is submitted to them by creditors, such as lenders, credit card companies, and other financial companies. |
| Credit Card | a type of credit facility, provided by banks that allow customers to borrow funds within a pre-approved credit limit. |
| Credit History | a record of how a person handles money and debt, including credit card accounts and other loans. |
| 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 prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports. |
| Debt | a financial liability or obligation owed by one person, the debtor, to another, the creditor. |
| Finance Charge | to any cost related to borrowing money, obtaining credit, or paying off loan obligations. |
| Grace Period | a feature provided by banks or insurance companies so that customers can delay payment for a certain period of time after the due date |
| interest rate | the amount a lender charges a borrower and is a percentage of the principal—the amount loaned |
| Introductory rate | an interest rate charged to a customer during the initial stages of a loan. |
| late payment fee | 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 such as an insurance or rental contract by the due date. |
| lender | an individual, a group, or a financial institution that lends funds with the expectation that the funds will be repaid. |
| line of credit | an account that lets you borrow money when you need it, up to a preset borrowing limit, by writing checks or using a bank card to make purchases or cash withdrawals. |
| over-the-limit fee | a penalty charged by credit card companies when cardholders' purchases exceed their credit limit. |
| pre-approved | a lender has agreed, in principle, to lend you an amount of money towards the purchase of your home but hasn't proceeded to a full or final approval. |
| principle | money lent to a borrower or put into an investment. |
| secured loan | the lender has a legal claim against a borrower's assets. |
| term |
Created by:
razzarella
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