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credit cards

TermDefinition
annual fee a fee that's automatically charged once a year to your credit card account for the benefits that come with that credit card
annual percentage is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc.
rate APR a broader measure of the cost to you of borrowing money, also expressed as a percentage rate
balance transfers moving the outstanding debt from one piece of plastic to another card, usually a new one
bankruptcy the state of being bankrupt.
cash advances 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 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 first 100 checks usually given free for opening a checking 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 record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history
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 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 change 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 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 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 interest rate charged to a customer during the initial stages of a loan
late payment fee 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 you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply," the literal meaning is different. The literal meaning is "at a stage before approval."
Principle the original sum of money borrowed in a loan, or put into an investment
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
Created by: sromanik18
 

 



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