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Credit cards
Career and financial management
| Term | Definition |
|---|---|
| Annual fee | Is a yearly charge by banks and financial institutions to customers for use of their credit cards. |
| Annual percentage | It’s the internet rate for each year. |
| Rate (APR) | The term annual percentage rate of charge, corresponding sometimes to a nominal and sometimes to an effective APR |
| balance transfers | Is the balance of an account to another. |
| Bankruptcy | When you can’t pay of your debts |
| Cash advances | You can withdraw cash up to a certain limit from the bank. |
| Co-signer | Another person in your family like a parent also signs so your not the only one. |
| Courtesy checks | Convenience checks are blank checks provided by lenders that borrowers can use to access credit lines. Convenience checks are typically used for purchases, balance transfers, or cash advances |
| 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. A credit report is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments. |
| 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. |
| Credit score | a number assigned to a person that indicates to lenders their capacity to repay a loan. |
| Debt | When you can’t pay of your credit card |
| Finance charge | In United States law, a finance charge is 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. |
| Grace period | Where they can’t fine you for paying your credit card bill |
| 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 | An introductory rate is an interest rate charged to a customer during the initial stages of a loan. |
| Late payment fee | The term late fee refers to 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 | an amount of credit extended to a borrower. |
| 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 | to approve (something or someone) in advance The bank preapproved the loan. We were preapproved for the loan. |
| Principle | a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning. |
| Secured loan | A 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, e.g., office, imprisonment, or investment, lasts or is intended to last. |
Created by:
Mpolowy21
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