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Economics of working
| Term | Definition |
|---|---|
| APR | For Credit cards, the annual percentage rate ( APR) is the cost of credit expressed as a yearly interest rate. |
| Balance | The balance on a credit card is the amount owed on the account, including the charges, interest and fees. |
| Credit limit | This credit limit is the maximum amount of money you can borrow on a credit card or amount |
| Interest | Interest is the fee that lenders charge for loaning money. It is a percentage of the amount of the loan that is added to the loan |
| Credit History Report | A credit history report is a record of how you've manged credit in the past. Banks review your credit history and score when deciding if they will loan you money. |
| Credit Bureau | A credit bureau is a company that keeps track of your credit history. |
| Grace period | A grace period is the number of days you have to pay your bill in full before an interest charge is assessed on purchases. If there's no grace period, you can be charged from the moment you use your credit card. |
| Credit Score | Your credit score predicts how likely you are to pay back a loan on time. Companies use a mathematical formula - called a scoring model - to create your credit score based on the information in your credit history report. |
| Annual fee | AN annual fee is a a fee you pay to be able to use a credit card. Some cards charge these fees, and some do not. |
| Other Fees | other fees may be charged for late payments, going over your credit limit, ,or getting a cash advance. |
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