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Credit Cards/Reports
| Term | Definition |
|---|---|
| annual fee | a yearly charge by banks and financial institutions to customers for use of their credit cards |
| annual percentage | the cost you pay each year to borrow money, including fees, expressed as a percentage |
| rate (APR) | the annual cost of a loan to a borrower |
| balance transfers | moving a debt balance from one account to another account |
| bankruptcy | a federal court procedure that helps consumers and businesses get rid of their debts and repay their creditors |
| cash advances | a short-term loan offered by your credit card issuer |
| co-signer | a person who pledges to pay back the loan if you do not |
| courtesy checks | checks to pay off balances on other cards, make new purchases, or secure a cash advance |
| credit bureau | collect and store financial data about you that is submitted to them by creditors, such as lenders, credit card companies, and other financial companies |
| credit card | a card issued to consumers that is used to make purchases, with the agreement that the cardholder will ultimately pay back the card issuer |
| credit history | the record of how a person has managed his or her credit in the past |
| credit limit | the maximum amount that the credit card issuer will allow you to borrow on your line of credit |
| credit report | a statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts |
| credit score | a number that represents a person's creditworthiness |
| debt | amount of money borrowed by one party from another |
| finance charge | a fee charged for the use of credit or the extension of existing credit |
| grace period | the period between the end of a billing cycle and the date your payment is due |
| interest rate | the amount lenders charge borrowers and is a percentage of the principal. It is also the amount earned from deposit accounts |
| introductory rate | an interest rate charged to a customer during the initial stages of a loan |
| late payment fee | a charge consumers pay when they fail to make a payment on a debt |
| lender | an individual, a public or private group, or a financial institution that makes funds available to a person or business with the expectation that the funds will be repaid |
| line of credit | an arrangement between a bank and a customer that establishes a preset borrowing limit that can be drawn on repeatedly |
| over-the-limit fee | a penalty charged by credit card companies when cardholders' purchases exceed their credit limit |
| pre-approved | a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer |
| principle | money lent to a borrower or put into an investment |
| secured loan | business or personal loans that require some type of collateral as a condition of borrowing |
| term | the time period of an investment, the provisions of an agreement or contract, and lifespan assigned to an asset or liability |
Created by:
Hlarson22
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