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Credit Cards/Reports

TermDefinition
Annual Fee yearly fee for that is charged by some credit card companies to their credit card holders, simply for having the credit card.
Annual Percentage Rate (APR) the annual rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan.
Balance Transfers where part or all of a debit balance (or debt) you owe to another lender is transferred from one card to another, usually to save money on interest repayments.
Bankruptcy legal proceeding involving a person or business that is unable to repay outstanding debts.
Cash Advantages A service provided by many credit card issuers allowing cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank or other financial agency.
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 linked to a 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 a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions
Credit Card 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
Credit Limit the maximum amount of credit a financial institution extends to a client through a line of credit as well as the maximum amount a credit card company allows a borrower to spend on a single card.
Credit Report detailed report of an individual's credit history
Credit Score a number assigned to a person that indicates to lenders their capacity to repay a loan
Debt something, typically money, that is owed or due.
Finance Charge any fee representing the cost of credit, or the cost of borrowing
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 rate which is charged or paid for the use of money. An interest rate is often expressed as an annual percentage of the principal
Introductory Rate an interest rate charged to a customer during the initial stages of a loan, it is not permanent
Late Payment Fee a late charge charged to a borrower who misses paying at least their minimum payment by the payment deadline
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 when your balance goes over your credit limit
Pre-approved typically means the credit card issuer has checked your credit, you meet certain criteria, and will be approved for the credit card if you continue to meet the issuer's credit standards and have sufficient income when you apply.
Principal o the amount borrowed or the amount still owed on a loan, separate from interest.
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 a fixed or limited period for which something, e.g. investment lasts or is intended to last.
Created by: lgrover18