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Credit Cards

TermDefinition
Payment Types what you actually use to buy something; cash, checks, debit cards, and credit cards
Interest the fee someone pays to be able to borrow money
Credit making purchases now and paying for them later
Credit Card a plastic card used to make purchases now and pay for them later
Debtor anyone who owes money
Finance Charge a fee for borrowing money
Late Fees additional fees that can be added to a credit card bill if the cardholder fails to make at least the minimum payment by the due date
Minimum Payment the smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the lender
Principal the amount of money borrowed
Creditor a lender
Created by: tmikels52
 

 



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