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Credits Cards- CFM
| 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 interest generated by a sum that's charged to borrowers or paid to investors |
| Balance transfers | Type of credit card transaction in which debt is moved from one account to another |
| 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 service provided by credit card issuers that allows cardholders to immediately withdraw a sum of cash, often at a high interest rate |
| 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 check issued by a credit card company that you can use to pay balances on other cards or make purchases |
| 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 | Credit history refers to the ongoing documentation of an individual's repayment of their debts. |
| Credit limit | The most money that a bank or business will allow a person to borrow Some banks will charge a fee if you go over your credit limit |
| Credit report | detailed breakdown 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 | An obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor |
| Finance charge | Is 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 the grace 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 | Also known as an overdue fine, late fine, or past due fee, is a charge fined against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date |
| Lender | An organization or person that lends money |
| Line of credit | An account that lets you borrow money when you need it, up to a preset borrowing limit, by writing checks or using a bank card to make purchases or cash withdrawals |
| Over-the-limit fee | A fee charged when your balance goes over your credit limit (also known as over the limit fee). When cardholders attempt to make purchases that will put them over limit, card issuers used to routinely decline the transactions |
| Pre-approved | Is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer |
| Principle | Pre-approval is the pre-qualification for a loan or mortgage of a certain value range |
| Secured Loan | You are providing security that your loan will be repaid. The risk is if you can't repay a secured loan, the lender can sell your collateral to pay off the loan. |
| Term | The management of large amounts of money, especially by governments or large companies |
Created by:
bwood22
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