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Credit Cards
Credit cards & credit reports
| Term | Definition |
|---|---|
| Annual fee | Annual fee's are fee's that are automatically charged once a year to your credit card account for the benefits that come with that credit card. |
| Annual percentage Rate (APR) | Annual percentage rate (APR) explains the cost of borrowing, and it's particularly useful for credit cards and mortgage loans. |
| Balance Transfers | A balance transfer 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. |
| Bankruptcy | Bankruptcy is the state of being bankrupt, our of funds. |
| Cash Advantages | A cash advance is 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 | A co-signer is a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay. A co-signer could be your spouse, a parent, or a friend. |
| Courtesy Checks | Courtesy checks are checks linked to your credit line that can be used just like checks linked to your checking account. ... They are treated like a cash advance, meaning there is no grace period and interest is charged from the moment the check is used. |
| Credit bureau | A credit bureau is 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 credit history is a record of a borrower's responsible repayment of debts. |
| Credit Limit | 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 credit report is a detailed report of an individual's credit history prepared by a credit bureau. |
| Credit Score | a credit score is a number assigned to a person that indicates to lenders their capacity to repay a loan. |
| Debt | A debt is money that is owe or due. |
| Finance Charge | A finance charge is a fee charged for the use of credit or the extension of existing credit. |
| Grace Period | A 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 | Interest rate is 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 introductory rate is a low interest rate that applies to your balance for the first few months after you open your credit card. Introductory rates are most often given to applicants with good or excellent credit scores. |
| Late payment fee | A late payment fee (a late charge) is charged to a borrower who misses paying at least their minimum payment by the payment deadline. |
| Lendor | Lender definition, to grant the use of (something) on condition that it or its equivalent will be returned. |
| Line of credit | Line of credit is an amount of credit extended to a borrower. |
| Over-the-limit fee | An over-limit fee is a fee charged when your balance goes over your credit limit |
| Pre-approved | Pre-approved is The literal meaning is "at a stage before approval." |
| Princple | Principle is a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning. |
| Secured loan | A secured loan has an asset, such as your home, pledged as collateral for the loan. Here are the pros and cons of secured loans. |
| Term | Term is a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last. |
Created by:
ihernandez19
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