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Credit Cards Vocab

TermDefinition
Annual Fee a lump sum you have to pay every year that you're signed up for certain credit cards
Annual Percentagerate (APR) APR represents the total yearly cost of borrowing money, expressed as a percentage, and includes the interest you pay on a loan.
Balance transfers A balance transfer credit card is any credit card that lets you transfer balances from other accounts.
Bankruptcy the state of being completely lacking in a particular quality or value.
Cash Advances A cash advance is the act of withdrawing cash against your credit limit through the use of your credit card.
Co-signer A co-signer is a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay.
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 small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
Credit History Credit history is a record of how you've managed the repayment of debts, such as credit cards and loans.
Credit Limit A credit limit is the maximum amount of credit a financial institution extends to a client on a credit card or a line of credit.
Credit Report A credit report is a detailed breakdown of an individual's credit history that is usually provided by one of the three major credit bureaus.
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 A finance charge is a fee charged for the use of credit or the extension of existing credit.
Grace Period Grace period is a feature provided by banks or insurance companies so that customers can delay payment for a certain period of time after the due date (after the payment deadline).
Interest Rate The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned.
Introductory Rate An introductory rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan.
Late Payment Fee The term late 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 such as an insurance or rental contract by the due date.
Lender A lender is an individual, a group, or a financial institution that lends funds with the expectation that the funds will be repaid.
Line of Credit A line of credit (LOC) is 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 line of credit (LOC) is 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.
Pre-Approved When a credit card offer mentions that someone is pre-qualified or pre-approved, it typically means they've met the initial criteria required to become a cardholder.
Principle Principal is money lent to a borrower or put into an investment. It can also refer to a private company's owner or the chief participant in a deal.
Secured Loan Secured loans are business or personal loans that require some type of collateral as a condition of borrowing.
Term the management of large amounts of money, especially by governments or large companies.
Created by: clangan24
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