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Credit Cards

TermDefinition
Annual Fee An annual (yearly) fee charged by a credit card company each year for use of a credit card. This is a separate fee from interest rate on purchases.
Annual Percentage 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.
rate (APR) 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.
Balance Transfers A balance transfer is the transfer of (part of) the balance (either money or credit) in an account to another account, often held at another institution. It is most commonly used when describing a credit card balance transfer.
Bankruptcy Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Cash Advances A cash advance is 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 When you co-sign a loan, the lender (known as the “creditor”) must spell out your obligations in a co-signer's notice, which says: You are being asked to guarantee this debt.
courtesy Check A convenience check, also called a credit card check, is linked to a consumer's credit card account and can be used to make purchases or take cash advances with the credit card.
Credit Bureau an organization providing information on individuals' borrowing and bill-paying habits. Credit information such as a person’s previous loan performance is a powerful tool to predict his future behavior.
Credit History A credit history is 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 Credit limit also 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 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 In United States law, a 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.
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 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 A late payment fee (a late charge) 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 a fundamental source or basis of something.
Secured Loan A secured loan is 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 a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last.
Created by: Tcole16