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Credit Cards

Also Credit Scores and Reports

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 Explains the cost of borrowing, and it's particularly useful for credit cards and mortgage loans.
Rate (APR) A broader measure of the cost to you of borrowing money, also expressed as a percentage rate.
Balance Transfers 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 When an organisation is unable to honor its financial obligations or make payment to its creditors
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 cooperatively with a borrower for a loan.
Courtesy Checks Checks linked to your credit line that can be used just like checks linked to your 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.
Credit Limit 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 prepared by a credit bureau.
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 Any fee representing the cost of credit, or the cost of borrowing.
Grace Period 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 amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.
Introductory Rate 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 A person, company or institution that provides a BORROWER with MONEY or some other asset.
Line of Credit A standing amount of money, similar to a loan, that a bank extends to a customer.
Over-the-Limit Fee A fee charged when your balance goes over your credit limit
Pre-Approved Already having gone though the approval process and being granted immediate access to a loan or credit card.
Principle The amount of money that is borrowed, excluding the interest charge, that remains unpaid.
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 The period in which something will last.
Created by: jbowers21