Question | Answer |
Down payment | partial payment on large purchase |
Minimum payment | Least amount you can pay on your monthly statement. |
Due date | The date that your payment must be received by the credit card company. |
See ID | What you should write on the back of a credit card so cashier checks identification. |
Late fee | Fee charged by credit card company for payment received after the due date. |
to obtain a free credit report | annualcreditreport.com |
APR | Annual percentage rate or interest rate charged on a credit card. |
credit | something is received in exchange for promise to pay money back in the future. |
credo | I believe |
range for credit scores | 350-850 |
good credit score | 700 and up |
cosigner | a person who puts his or her name on a loan with a person, offering to make payment if that person cannot do so in the future. |
Way to avoid interest charges | pay in full each month |
Down payment | Partial payment made when product is initially purchased. |
Late Fee | Charged by credit card company when payment is received after due date. |
Statement | monthly summary of purchases, returns and payments. |
Interest | charge added to money borrowed, often expressed as a percentage of loan. Also known as cost of borrowing money. |
Annualcreditreport.com | Website that provides consumers with a free credit report from each of the credit bureaus each year. |
Debit Card | similar in looks to a credit card, but money is withdrawn from consumer's bank account. |
Credit Card | Plastic card that holds pre-approved credit. |
Credit Limit | maximum amount that can be charged on a credit card. |
Annual Fee | a fee charged once a year for credit card ownership. |