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credit cards
| Term | Definition |
|---|---|
| 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 | The Annual Percentage Rate (APR) is the cost you pay each year to borrow money |
| Rate (APR) | APR is the annual cost of a loan to a borrower |
| Balance Transfer | A credit card balance transfer is when you move the amount you owe |
| Bankruptcy | the state of being bankrupt |
| cash advance | A cash advance lets you borrow a certain amount of money against your credit card's line of credit. |
| Co-signe | To cosign is to sign jointly with a borrower for a loan |
| Courtesy Checks | Courtesy checks are blank checks that lenders, usually credit card issuers or home equity line of credit lenders, offer to their customers |
| credit bureau | a private firm that maintains consumer credit data files and provides credit information to authorized users for a fee |
| credit card | a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered |
| credit history | A credit history is the record of how a person has managed his or her credit in the past |
| credit limit | the maximum amount of credit a financial institution extends to a client on a credit card |
| Credit report | A credit report is a statement that has information about your credit activity and current credit situation such as loan paying history |
| 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 | A finance charge is a fee charged for the use of credit or the extension of existing credit. It may be a flat fee or a percentage of borrowings |
| grace period | A grace period is the period of time after payment is due |
| 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 | Introductory rate. An introductory rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan. |
| late 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 | 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 | A 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 | A principal is money lent to a borrower or put into an investment. |
| 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 |
| Term | refer to the time period of an investment, the provisions of an agreement or contract, |
Created by:
jfox22
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