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Credit
Term | Definition |
---|---|
Annual Fee | A yearly fee that may be charged by credit card issuers. |
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. |
Credit | The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. |
Credit Card | A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. |
Credit Limit | The maximum amount a credit card company will allow someone to borrow on a single card. |
Due Date | The date on which something falls due, especially the payment of a bill. |
Introductory Rate | Is an interest rate charged to a customer during the initial stages of a loan. |
Late Payment fee | A fee charged to a borrower who misses paying at least their minimum payment by the payment deadline. |
Minimum Payment | The lowest amount of money that you are required to pay on your credit card statement each month |
Over limit fee | Fee charged when your balance goes over your credit limit. |
Penalty APR | The very high interest rate charged by the credit card issuer when a borrower violates the card's terms and conditions, |
Pre-approved | A conditional offer of credit from a credit card issuer based on a pre-qualification of the individual's credit from an abbreviated credit bureau repor. |
Returned payment Fee | A returned payment fee is charged by a credit card issuer if you pay your bill with a check that bounces. |