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credit cards
| Term | Definition |
|---|---|
| annual fee | An annual fee is a lump sum you have to pay every year that you're signed up for certain credit cards. |
| annual percentage rate (APR) | refers to the yearly interest rate you'll pay if you carry a balance on your credit card. |
| balance transfers | any credit card that lets you transfer balances from other accounts. |
| bankruptcy | having no money at all |
| cash advances | the act of withdrawing cash against your credit limit through the use of your credit card. Cash advances should only be used for emergencies due to the cash advance fee and high APR. |
| co-signer | a person who agrees to be legally responsible to pay a debt if the borrower does not pay back a loan as agreed. |
| 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 | the ongoing documentation of an individual's repayment of their debts. |
| credit limit | the maximum amount of money a lender will allow you to spend on a credit card or a line of credit. |
| credit report | a statement that has information about your credit activity and current credit situation such as loan paying history |
| credit score | a numerical rating representing the perceived ability of a person or organization to fulfill their financial commitments, based on an analysis of their credit history and current financial circumstances. |
| debt | the state of owing money. |
| finance charge | a fee charged for the use of credit or the extension of existing credit |
| grace period | the period of time between the end of a billing cycle and when your bill is due. During a grace period, you may not be charged interest on your balance — as long as you pay it off by the due date. |
| 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 | perk issuers offer to new cardholders, usually to incentivize opening an account and using it to make purchases. |
| 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 | person giving the money |
| line of credit | a flexible loan from a financial institution that consists of a defined amount of money that you can access as needed. |
| over the limit fee | a penalty charged by credit card companies when cardholders' purchases exceed their credit limit. |
| pre-approved | to approve (something or someone) in advance. |
| principle | money lent to a borrower or put into an investment |
| secured loan | A secured loan is a loan backed by collateral. The most common types of secured loans are mortgages and car loans, and in the case of these loans, the collateral is your home or car. |
| term | the time period of an investment, the provisions of an agreement or contract, and lifespan assigned to an asset or liability. |
Created by:
tbraidich23
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