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budget and Banking
| Term | Definition |
|---|---|
| Annual Fee | a yearly fee that you pay for the ability to use that card |
| Annual Percentage Rate (APR) | a charge or any fee associated with a transaction |
| Balance Transfers | a transfer of amount of money from one credit card to another credit card |
| Bankruptcy | completely no money in your account |
| Cash Advances | service provided by most credit card and charge card issuers, allows cardholders to withdraw cash |
| Co-Signer | to make payment on the other person's debt should that person default |
| Courtesy Checks | credit card account that can be used for purchases or cash advances, as long as the credit limit on the card is not exceeded |
| Credit Bureau | 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; allowing the holder to purchase goods or services on credit |
| Credit History | a record of a consumers ability to repay debts and demonstrated responsibility in repaying debts |
| Credit Limit | the maximum amount a credit card company will allow someone to borrow on a single card |
| Credit Report | a detailed report of an individuals credit history |
| Credit Score | a number assigned to a person that indicates to lenders their capacity to repay a loan |
| Debt | money that is owed or due |
| Finance Charge | fee representing the cost of credit, or the cost of borrowing |
| Grace Period | allows payment to be received for a certain period of time after the actual due date |
| Interest Rate | the proportion of a loan that is charged as interest to the borrower |
| Introductory Rate | is an interest rate charged to a customer during the initial stages of a loan |
| Late Payment Fee | the borrower gets charged for missing payment, at least their minimum |
| Lender | a person that lends money |
| Line of Credit | an amount of credit extended to a borrower |
| Over-the-limit Fee | charged by a lender if the outstanding balance on a credit card exceeds the credit limit. |
| Pre-approved | after the evaluation of a potential borrower, the borrower qualifies for a loan from the lender |
| Principle | an amount of money that is lent, borrowed, or invested, apart from any additional money such as interest |
| term | specify the period allowed to a buyer to pay off the amount due |
Created by:
ksno
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