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credit cards
| Question | Answer |
|---|---|
| Annual Fee | An annual (yearly) fee charged by a credit card company each year for use of a credit card. This is a separate fee from interest rate on purchases. |
| Annual Percentage | The annual percentage rate (APR) is the interest rate charged on credit card balances expressed in a standardized, annualized way. This rate is applied each month that an outstanding balance is present |
| Rate (APR) | a fixed price paid or charged for something, especially goods or services. |
| Balance Transfers | is where part or all of the debit balance (or debt) you owe to another lender is transferred from one credit or store card to another, usually to save on interest repayments. ... |
| Bankruptcy | the state of being completely lacking in a particular quality or value. |
| Cash Advances | 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. For a credit card, this will be the credit 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 | a first few checks that the bank give you to get you started |
| 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 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 | the state of owing money |
| Finance Charge | is any fee representing the cost of credit, or the cost of borrowing. |
| 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 | is an interest rate charged to a customer during the initial stages of a loan. |
| Late Payment Fee | 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 | is a fee charged when your balance goes over your credit limit |
| Pre-Approved | at a stage before approval |
| Principle | a fundamental source or basis of something. |
| 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 |
Created by:
jscheffer18
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