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Credit Cards

TermDefinition
Annual Fee A fee that a company assesses on a customer simply for being a customer.
Annual Percentage 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.
Rate (APR) is what credit costs you each year, expressed as a percentage of the loan amount.
Balance Transfers moving a debt balance from one account to another account.
Bankruptcy a legal proceeding involving a person or business that is unable to repay their outstanding debts.
Cash Advantages Spending Within Your Means The simplest advantage to paying with cash is the limitation it puts on what you buy.
Co-Signer takes full responsibility for paying back a loan, along with the primary borrower.
Courtesy Checks credit union checks with funds deducted directly from the member’s account.
Credit Bureau a company that collects information relating to the credit ratings of individuals and makes it available to credit card companies.
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 maximum amount of credit a financial institution extends to a client.
Credit Report detailed summary of an individual's credit history.
Credit Score a number assigned to a person that indicates to lenders their capacity to repay a loan.
Debt the state of owing money.
Finance Charge assessed for the use of credit or the extension of existing credit.
Grace Period a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation.
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 the interest rate We charge from time to time under this name as set out at Condition
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 an amount of credit extended to a borrower.
Over-the-Limit Fee a fee charged when your balance goes over your credit limit
Pre-approved having been approved in advance
Principle principal is the initial size of a loan or a bond
Secured Loan loan backed by collateral—financial assets you own
Term a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last.
Created by: cneubauer22
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