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Credit Cards and Cre
Credit Cards and cre
| Term | Definition |
|---|---|
| Annual Fee | a yearly charge for a service or membership. For example, credit card companies charge annual fees to use their cards |
| Annual Percentage | the yearly cost of borrowing money, expressed as a percentage |
| Rate | a fixed price paid or charged for something, especially goods or services |
| Balance Transfers | when you move your credit card debt from one card to another |
| Bankruptcy | the state of being completely lacking in a particular quality or value |
| Cash Advances | a loan of money from your credit card issuer that you must repay |
| Co-signer | someone who agrees to pay a loan or lease if the primary borrower can't |
| Courtesy Checks | a service that allows a transaction to process even when there aren't enough funds in a checking account |
| Credit Bureau | a private company that collects and sells information about consumers' credit history |
| 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 record of how someone manages debt, including loans and credit cards |
| Credit Limit | the maximum amount of money a lender will allow you to borrow on a credit card or line of credit |
| Credit Report | a document that summarizes your credit history and current financial situation |
| 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 | something, typically money, that is owed or due |
| Finance Charge | a fee for using credit or extending credit. It can be a flat fee or a percentage of the amount borrowed |
| Grace Period | a set length of time after the due date during which payment may be made without penalty |
| 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 | a special interest rate offered for a limited time to attract new customers |
| Late Payment Rate | the interest or fee charged when a payment is late |
| Lender | an organization or person that lends money |
| Line of Credit | a preset amount of money that you can borrow from a financial institution, up to a maximum limit |
| Over-the-limit Fee | a fee charged by credit card issuers when you go over your credit limit |
| Pre-Approved | something or someone has been accepted, allowed, or agreed to in advance |
| Principle | a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning |
| Secured Loan | a loan that requires collateral, such as a car or home, to back the loan |
| Term | a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last |
Created by:
lparsell27
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