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6.03
Understanding Credit Cards
| Term | Definition |
|---|---|
| annual fee | yearly credit card fee |
| annual percentage rate (APR) | cost of credit as a yearly interest rate |
| balance transfers | transferring debt from one credit card account to another |
| credit card | plastic card; allows accessibility to a credit line that has already been established |
| credit limit | max. $ amount borrowable |
| introductory rate | APR charged during credit card's intro. period after a card account is opened |
| late payment fee | fee when cardholder doesn't make the min. monthly payment |
| over-the-limit fee | fee when card account balance surpasses set limit |
| penalty APR | interest rate charged on new transactions if the penalty terms in the credit card contract are triggered |
| pre-approved | one has passed an initial credit history check |
| return payment fee | fee if cardholder makes a payment but doesn't have enough $ in the account to cover the payment |
| Schumer box | terms and fees of a credit card in a chart on all credit applications and solicitations |
| variable-rate APR | APR may change depending on other factors |
Created by:
Tate.cord70
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