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Credit Cards

TermDefinition
Annual Fee An annual fee is a yearly charge by banks and financial institutions to customers for use of their credit cards.
Annual Percentage Rate (ARP) An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment.
Balance Transfers A balance transfer is the transfer of the balance in an account to another account, often held at another institution.
Bankruptcy Bankruptcy is 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 cash advance allows you to use your credit card to get a short-term cash loan at a bank or ATM.
Co-signer A co-signer is a person – such as a parent, close family member or friend – who pledges to pay back the loan if you do not.
Courtesy Checks Convenience checks are blank checks that that credit cards companies send to customers.
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 credit history is a record of a borrower's responsible repayment of debts.
Credit Limit A 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 (sometimes called a credit line, line of credit, or a tradeline).
Credit Report A credit report is a detailed breakdown of an individual's credit history prepared by a credit bureau.
Credit Score A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.
Debt something, typically money, that is owed or due.
Finance Charge DescriptionIn United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing.
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 percentage of principal charged by the lender for the use of its money.
Introductory Rate an interest rate charged to a customer during the initial stages of a loan.
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.
Lender an organization or person that lends money.
Line Of Credit A line of credit is 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 Over-limit fees are typically $25 for the first over-limit charge and $35 if you go over the limit a second time within the next six months
Pre-Approved pre-approved" means "you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply
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: Wjones20
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