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Credit Cards & Crdit

CFM

TermDefinition
Annual Fee It is a yearly fee that you pay for the ability to use that card
Annual Percentage Rate (APR) The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan
Balance Transfers Typically used by consumers who want to move their debt to a credit card with a lower interest rate, fewer penalties or other benefits, such as reward points or travel miles
Bankruptcy a condition of financial failure caused by not having the money that you need to pay your debts
Cash Advances Is a service provided by most credit card and charge card issuers
Co-signer The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default
Courtesy Checks come in the mail with your monthly credit card statement
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 Crad 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 a consumer's ability to repay debts and demonstrated responsibility in repaying debts
Credit Limit refers to the maximum amount a credit card company will allow someone to borrow on a single card
Credit Report A detailed report of an individual's credit history prepared by a credit bureau and used by a lender to in determining a loan applicant's creditworthiness, including: 1
Credit Score a number assigned to a person that indicates to lenders their capacity to repay a loan
Debit (of a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or goods
Finance Charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit. It includes not only interest but other charges as well, such as financial transaction fees
Grace Period provision in most loan and insurance contracts which allows payment to be received for a certain period of time after the actual due date. During this period no late fees will be charged
Interest Rate the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding
Introductory Rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan. The rate, which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply
Late Payment Fee is charged to a borrower who misses paying at least their minimum payment by the payment deadline. In order to avoid late fees, ensure that you pay at least the minimum amount by the 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 fee charged by a credit card company if a credit card user exceeds the card's credit limit
Pre-approved An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender would be willing to lend
Principle The amount borrowed or the amount still owed on a loan, separate from interest
Term a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last
Created by: jcorbin15