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/Reports
| Term | Definition |
|---|---|
| Annual fee | A sum that needs to be paid every year that you’re signed up for certain credit cards |
| Annual percentage | Yearly interest generated by a sum that’s charged to borrowers or paid investors |
| Rate (APR) | Annual percentage rate; yearly rate received on a deposit account or paid on a loan |
| Balance transfers | A type of credit card transaction in which debt is moved from one account to another |
| Bankruptcy | The state of being unable to repay debts |
| Cash advances | The act of withdrawing cash against your credit limit through the use of your credit card |
| Co-signer | A person who agrees to be legally responsible to pay a debt if a borrower does not pay back the loan as agreed |
| Courtesy Checks | A check issued by a credit card company taht allows you to pay balances on other cards or make purchases |
| Credit bureau | A company that collects information relating to the credit rating of individuals and makes it available to credit card companies and other financial institutions |
| Credit card | A small plastic card issued by a bank/business allowing holders to purchase goods or services on credit |
| Credit history | Ongoing documentation of an individual’s repayment of their debts |
| Credit limit | The maximum amount of credit a financial institution extends to a borrower |
| Credit report | A statement that has information about your credit activity and current credit situation |
| Credit score | A prediction of how likely you are to pay a loan back on time based on information from your credit reports |
| Debt | Money that is owed or died |
| Finance charge | A fee charged for the use of credit or the extension of existing credit |
| Grace period | Provided by banks or insurance companies so that customers can delay payment for a certain period of time after the due date |
| Interest rate | The proportion of a loan that is charged as interest to the borrower |
| 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 | An amount of credit extended to a borrower |
| Over-the-limit fee | A penalty charged by credit card companies when cardholders' purchases exceed their credit limit |
| Pre-approved | To approve in advance |
| Principal | The money that you originally agreed to pay back |
| Secured Loan | A loan backed by financial assets you own |
| Term | The time period of an investment, the provisions of an agreement or contract, and lifespan assigned to an asset or liability |
Created by:
ebowers2424
Popular Finance sets