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
| Term | Definition |
|---|---|
| Annual fee | A fee that a company assesses on a customer simply for being a customer |
| Annual percentage | It calculates what percentage of the principal you'll pay each year by taking things such as monthly payments into account |
| Rate (APR) | Annual or annualized percentage rate, typically of interest on loans or credit |
| Balance transfers | moving a debt balance from one account to another |
| Bankruptcy | the state of being bankrupt, you have nothing |
| Cash advances | a cash advance is a type of short term loan, often issued by a credit card company and usually involving high interest and fees |
| Co-signer | A person who signs a loan or lease jointly with another in order to guarantee payment |
| Courtesy Checks | Courtesy Checks are 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, and financial institutions |
| 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 credit history is a record of a borrower's responsible repayment of debts |
| Credit limit | the term credit limit refers to the maximum amount of credit a financial institution extends to a client |
| Credit report | A credit report is a detailed summary of an individual's credit history |
| Credit score | Number assigned to a person that indicates to lenders their capacity to repay a loan |
| Debt | typically money you owe to someone or something |
| Finance charge | A finance charge is a cost imposed on a consumer who obtains 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 | An interest rate is the percentage of principal charged by the lender for the use of its money |
| Introductory rate | An introductory rate is a low interest rate often even 0% rate that applies for a limited period of time after you open your credit card |
| Late payment fee | A late fee is a charge imposed on a consumer who fails to make the payment on a debt or other financial obligation by the due date |
| Lender | A lender is an individual, a public or private group, or a financial institution that makes funds available to a person or business |
| Line of credit | a line of credit (LOC) is a preset borrowing limit that can be tapped into at any time |
| Over-the-limit fee | An over-limit fee is a fee charged when your balance goes over your credit limit |
| Pre-approved | A pre-approved letter is a first look evaluation of a potential borrower by a lender |
| Principle | The most commonly used refers to the original sum of money borrowed in a loan or put into an investment, can also refer to the face value of a bond |
| Secured Loan | A secured loan is a loan that's guaranteed with collateral, such as a home or car |
| Term | A word or phrase used to describe a thing or to express a concept especially in a particular kind of language or branch of study |
Created by:
Dwhite23
Popular Finance sets