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Credit

TermDefinition
Annual Fee A yearly fee.
Annual Percentage Rate Describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate
Credit An agreement between a buyer and a seller in which the buyer receives the good or service in advance and makes payment later, often over time and usually with interest.
Credit Card A card entitling the owner to use funds from the issuing company up to a certain limit. The holder of a credit card may use it to buy a good or service
Credit Limit The maximum amount of money one is allowed to borrow.
Due Date The date by which a debt or other payment must be paid in order not to be late
Introductory Rate An introductory 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 A late payment fee (a late charge) is charged to a borrower who misses paying at least their minimum payment by the payment deadline
Minimum Payment The minimum payment is the lowest amount of money that you are required to pay on your credit card statement each month.
Over Limit Fee A fee charged by a credit card company if a credit card user exceeds the card’s credit limit.
Penality Penalty annual percentage rates (APRs) are high interest rates that can be triggered by the slightest infraction such as just one payment that is received a day late.
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.
Returned Payment Fee A charge a credit card company may assess to a customer's account if the customer attempts to pay a credit card bill with a check that is returned unpaid.
Created by: Neha Ali