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Credit Cards&Reports

TermDefinition
Annual Fee Any fee that is charged on an annual (yearly) basis.
Annual Percentage Rate is 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 is where part or all of a debit balance you owe to another lender is transferred from one card to another, usually to save money on interest repayments.
Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts.
Cash Advances is a short-term loan from a bank or alternative lender.
Co-signer The 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 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.To make a purchase, simply write a check for the purchase amount to a merchant and sign the check.
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 is a record of a borrower's responsible repayment of debts.
Credit Limit refers to 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 is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.
Credit Score a number assigned to a person that indicates to lenders their capacity to repay a loan.
Debt is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account.
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 provision loan and insurance contracts that allow payment to be received for a certain period of time after the due date. No late fees are charged. A typical grace period is 15 days.
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 is an interest rate charged to a customer during the initial stages of a loan. 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 charge a consumer pays for making a required minimum payment on a credit card after 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 is a fee charged when your balance goes over your credit limit (also known as over the limit fee).
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 Principal is most commonly used to refer to the amount borrowed or the amount still owed on a loan, separate from interest.
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: Makhdar17