Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Credit Cards
| Term | Definition |
|---|---|
| Annual fee | A fee charged once per year by financial institutions on certain type of accounts, usually in order to offset operating expenses. |
| Annual percentage | is the percentage of interest the individual must pay on the loan, which ultimately adds up to the total cost of the loan |
| Rate (APR) | is the annual rate charged for borrowing or earned through an investment |
| Balance transfers | is the transfer of the balance in an account to another account, often held at another institution. |
| Bankruptcy | the state of being bankrupt. |
| Cash advances | is a short-term loan from a bank or an alternative lender |
| Co-signer | a person who signs a document jointly with another or others |
| Courtesy Checks | are credit union checks with funds deducted directly from the member’s 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 cards | 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 consumer's ability to repay debts and demonstrated responsibility in repaying debts |
| Credit limit | to the maximum amount of credit a financial institution extends to a client |
| Credit report | is a detailed summary 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 | something, typically money, that is owed or due |
| Finance Charge | is a fee charged for the use of credit or the extension of existing credit |
| Grace period | a period officially allowed for payment of a sum due or for compliance with a law or condition, especially an extended period granted as a special favor. |
| 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 | rate charged to a Customer during the initial stages of a contract |
| 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 | a fee charged when your balance goes over your credit limit |
| Pre-approved | is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer |
| Principle | a fundamental quality or attribute determining the nature of something |
| Secured loan | is a loan in which the borrower pledges some asset 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 lasts or is intended to last. |
Created by:
meslinger20
Popular Finance sets