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Credit Card

TermDefinition
Annual fee Any fee that is charged on an annual (yearly) basis.
Annual percentage The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (or EAPR), describes the interest rate for a whole year (annualized)
Balance transfers A balance transfer is 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 the state of being bankrupt
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 A cosigner is a person who agrees to pay a borrower's debt if he or she defaults on the loan
Courtesy checks Those blank "convenience checks" from your credit card company offer a quick way to write yourself a loan, pay bills or transfer other loans to your credit card account
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 credit history is a record of a borrower's responsible repayment of debts
Credit limit 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 history A credit report is a 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 In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing
Grace Period A grace period is the provision in most loan and insurance contracts that allows payment to be received for a certain period of time after the actual due date
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
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
Lender an organization or person that lends money
Line of credit an amount of credit extended to a borrower
Over the limit fee An over-limit fee is a fee charged when your balance goes over your credit limit (also known as over the limit fee)
Pre-approved "you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply,
Secured loan A secured loan, is a loan in which the borrower pledges some asset
Term The period of time during which a contract is in force.
Created by: bturner17