click below
click below
Normal Size Small Size show me how
Credit Cards
Term | Definition |
---|---|
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 |