Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
credit cards
| Term | Definition |
|---|---|
| Annual Fee | A yearly charge by banks and financial institutions to customers for use of their credit cards. |
| Annual percentage rate (APR) | The yearly rate of interest that an individual must pay on a loan, or that they receive on a deposit account |
| Balance transfers | Moving a debt balance from one account to another account. |
| Bankruptcy | Helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. |
| Cash advances | A short term loan from a bank or an alternative lender. |
| Co-signer | A person, such as a parent, close family member or friend- who pledges to pay back the loan if you do not. |
| Courtesy checks | A blank check that lenders, usually credit card issuers or home equity line of credit lenders offer to their customers. These are used to pay off balances on other cards, make new purchases, or secure a cash advance. |
| 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 record of a borrower’s responsible repayment of debts. |
| Credit limit | The maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit. |
| Credit report | A record of the borrower’s credit history from a number of sources, including banks, credit card companies, collection agencies and governments. |
| Credit score | A numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. |
| Debt | An obligation that requires one party, the debtor, to pay money or other agreed upon value |
| Finance charge | 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 this period. |
| Interest rate | The amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. |
| Introductory rate | An interest rate charged to a customer during the initial stages of a loan. |
| Late payment fee | 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 | 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 to credit card customers who exceed their credit limits. |
| Pre-approved | Pre qualification for a loan or mortgage of a certain value range. |
| Principle | Money lent to a borrower or put into an investment. |
| 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 specific amount of time to pay back a loan |
Created by:
Bellakmitch
Popular Finance sets