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credit card vocab
| Term | Definition |
|---|---|
| annual fee | annual fee is a yearly charge by banks and financial institutions to customers for use of their credit cards. |
| annual percante rate | An annual percentage rate is expressed as an interest rate. It calculates what percentage of the principal you'll pay each year by taking things such as monthly payments into account. |
| balance transfers | balance transfer is a type of credit card transaction in which debt is moved from one account to another. |
| bankruptcy | Bankruptcy Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. |
| cash advances | cash advance is a short-term cash loan taken against your credit card's credit line. |
| 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 provided by lenders that borrowers can use to access credit lines for purchases, transfers, or cash. |
| 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 | Your credit history describes how you use money |
| credit limit | The term credit limit refers to the maximum amount of credit a financial institution extends to a client |
| credit report | credit report is a detailed summary of an individual's credit history, prepared by a credit bureau. |
| credit score | credit score is a number between 300–850 that depicts a consumer's creditworthiness. |
| debt | something, typically money, that is owed or due. |
| finance charge | A finance charge is any cost a consumer encounters in the process of obtaining credit and repaying deb |
| grace period | A grace period is a set length of time after the due date during which payment may be made without penalty. |
| interest rate | Image result for interest rate An interest rate is the percentage of principal charged by the lender for the use of its money. |
| introductory rate | An introductory rate is an interest rate charged to a customer during the initial stages of a loan. |
| late payment fee | A late fee is a charge imposed on a consumer who fails to make the payment on a debt or other financial obligation by the due date |
| lender | an organization or person that lends money. |
| line of credit | Image result for line of credit A line of credit (LOC) is a preset borrowing limit that can be used at any time. |
| over the limit fee | An over-limit fee is a penalty charged by credit card companies when cardholders' purchases exceed their credit limit. |
| pre approved | pre-approval is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer. |
| principle | The principal is the original amount of a loan or investment |
| secured loan | Image result for secured loan A secured loan is a loan backed by collateral—financial assets you own, like a home or a car—that can be used as payment to the lender if you don't pay back the loan. |
| term | A term deposit is a fixed-term investment that includes the deposit of money into an account at a financial institution |
Created by:
jeggleston21