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credit cards
| Term | Definition |
|---|---|
| annual fee | a yearly charge by banks and financial institutions to customers for use of their credit cards. |
| annual percentage | the cost you pay each year to borrow money, including fees, expressed as a percentage |
| rate (APR) | annual percentage rate |
| balance transfers | A balance transfer occurs when the outstanding balance of one credit card (or several credit cards) is moved to another credit card account |
| bankruptcy | person or business that is unable to repay their outstanding debts |
| cash advances | short-term loan from a bank or an alternative lender |
| co-signer | a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay |
| courtesy checks | blank checks you get in the mail |
| credit bureau | a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies |
| 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 your ability to repay debts and demonstrated responsibility in repaying them |
| credit limit | maximum amount of credit a financial institution extends to a client |
| credit report | 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 | money that is owed or due |
| finance charge | he cost of borrowing money, including interest and other fees |
| grace period | period between the end of a billing cycle and the date your payment is due |
| interest rate | he 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 interest rate charged to a customer during the initial stages of a loan |
| late payment fee | a charge consumers pay when they fail to make a payment on a debt such as a loan or a credit card, or any other type of financial agreement such as an insurance or rental contract by 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 penalty charged by credit card companies when cardholders' purchases exceed their credit limit |
| pre approved | to approve (something or someone) in advance |
| principle | he money that you originally agreed to pay back |
| secured loan | 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 |
Created by:
Amillz
Popular Finance sets