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Credit Card Vocab

popular credit card terms

TermDefinition
Credit Card used to borrow money up to a certain amount
Borrower person who is in need of money and will repay it
Interest the price of using someone else’s money
Credit Score a three digit number based on your credit history, allows you to get loans and good interest rates
Credit granting of money in exchange for a promise of future repayment, credit is not free
Late Payment Fee extra money paid if you don’t pay your minimum payment on time
Lender/creditors person/institution giving out the money
Advantages of credit cards convenience, emergency, perks
Disadvantages of credit cards Spend money you possibly don’t have, ruin your credit
Credit History report of a person’s payment activity over a period of time
Created by: user-1903653
Popular Finance sets

 

 



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