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Credit Cards & Credi

TermDefinition
Annual Fee A yearly fee that may be charged by credit card issuers. It may be thought of as a type of membership fee. However, not all credit cards require a fee. Those that do are more likely to offer rewards like travel or other perks
Annual Percentage Rate (APR) 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. This includes any fees or additional costs associated with the transaction
Balance Transfers Where part or all of a debit balance (or debt) you owe to another lender is transferred from one credit card to another, usually to save money on interest rates. A balance transfer credit card can be good way to slow down and take stock of your debt
Bankruptcy The state of being bankrupt, no money
Cash Advances A service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit
Co-Signer 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 Checks first given to you for free
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 Card 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 borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments
Credit Limit The maximum amount a credit card company will allow someone to borrow on a single card. Credit limits are usually determined based on information contained in the application of the person seeking credit, or that person's credit rating
Credit Report A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness
Credit Score A number assigned to a person that indicates to lenders their capacity to repay a loan
Debt The state of owing money
Finance Charge 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 A period of time after a payment becomes due, as of a loan or life-insurance premium, before one is subject to penalties or late charges or before the loan or policy is canceled
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 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 How much you still owe
Secured Loan A loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan
Term How many months you have to pay the loan off
Created by: Hreiman16