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Fin Lit Vocahb
| Term | Definition |
|---|---|
| ATM Card | Bank card used to access cash from an ATM, not for store purchases. |
| Debit Card | Bank card for ATM withdrawals and store/online purchases; money is deducted from your checking account immediately. |
| Credit Card | Card allowing you to borrow money for purchases; must be repaid monthly. |
| Revolving Credit | Credit that is renewed as you pay off your balance. |
| Credit Limit | Maximum amount you can borrow on a credit card. |
| Authorized User | Person allowed to use someone else’s credit card. |
| Secured Credit Card | Credit card requiring a refundable deposit. |
| Unsecured Credit Card | Credit card that does not require a deposit. |
| Fraud | Unauthorized use of your banking information for financial gain. |
| Annual Percentage Rate (APR) | Percentage used to calculate yearly interest, including fees. |
| Minimum Payment Due | The least amount you must pay on your credit card balance each month. |
| New Balance | Total owed on your credit card after payments and interest. |
| CARD Act | Law protecting consumers from unfair credit card practices. |