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Credit Cards

Credit Cards and Credit Reports

TermDefinition
Annual fee A yearly charge by banks and financial institutions to customers for use of their credit cards.
Annual percentage the annual rate charged for borrowing or earned through an investment.
rate (APR) the cost of borrowing, and it's particularly useful for credit cards and mortgage loans.
Balance transfers the transfer of the balance in an account to another account, often held at another institution.
Bankruptcy A legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts.
Cash advances a service provided by most credit card and charge card issuers.
Co-signer a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay.
Courtesy Checks 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 data collection agency that gathers account information from various creditors and provides that information to a consumer reporting agency in the United States, a credit reference agency in the United Kingdom, a credit reporting body in Australia.
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 is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit.
Credit report a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments.
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 charge 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. It includes not only interest but other charges as well, such as financial transaction fees.
Grace period a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during the grace period.
Interest Rate The Amount still owed on a loan.
Introductory Rate an interest rate charged to a customer during the initial stages of a loan.
Late payment rate a charge a consumer pays for making a required minimum payment on a credit card after the due date.
Lender an organization or person that lends money.
Line of credit a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds.
Over the limit fee a fee charged when your balance goes over your credit limit (also known as over the limit fee).
Pre-approved the pre-qualification for a loan or mortgage of a certain value range.
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, e.g., office, imprisonment, or investment, lasts or is intended to last.
Created by: dpatersin20
 

 



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