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credit card Vobcab
| Term | Definition |
|---|---|
| Annual fee | non-negotiable charge applied by credit card issuers for holding a specific, often rewards-heavy, credit card. Typically ranging from to over |
| Annual percentage | The total yearly cost of borrowing money, expressed as a percentage that includes both the interest rate and additional fees or charges. Unlike a simple interest rate, |
| rate (APR) | the total yearly cost of borrowing money, expressed as a percentage, encompassing both the nominal interest rate and additional fees |
| Balance Transfers | he process of moving high-interest debt from one or more credit cards to a new card, usually featuring a 0% introductory APR for 6–21 months. |
| Bankruptcy | a federal legal process allowing individuals or businesses overwhelmed by debt to find relief |
| Cash Advances | short-term loan that allows you to borrow cash against your credit card’s available line of credit, usually via an ATM or bank. These, along with similar, faster, and often, more affordable, payday, or paycheck advances |
| Co-Signer | a person with good credit (often a family member or friend) who signs a loan or lease alongside a primary borrower to help them get approved. |
| Courtesy Checks | a complimentary, quick visual examination of a vehicle's major systems |
| Credit bureau | a company that collects, compiles, and maintains individual consumer financial data to create credit reports. |
| Credit card | a payment card issued by financial institutions that allows users to borrow funds up to a pre-approved limit to make purchases or obtain cash advances |
| Credit history | a detailed record of an individual’s past borrowing and repayment behavior, used by lenders to assess creditworthiness. |
| Credit limit | the maximum amount of money a lender or credit card issuer allows you to borrow or charge |
| Credit report | a detailed, 7-10 year record of your financial history, tracking how you manage debt and repay loans. |
| Credit score | 3-digit number, typically ranging from 300 to 850, that represents your creditworthiness |
| Debt | something, typically money, that is owed or due. |
| Finance Charge | s the total cost of borrowing money or using credit, |
| Grace period | a set amount of time after a payment due date or deadline during which a penalty, |
| Interest rate | the cost of borrowing money or the reward for saving, expressed as a percentage of the total amount (principal) borrowed or deposited |
| Introductory rate | a temporary, lower-than-normal interest rate offered by lenders to new customers for a set period. |
| Late payment fee | a percentage fee or interest charge added to an invoice or debt not paid by its due date, acting as a penalty to encourage timely payment |
| lender | an organization or person that lends money. |
| Line of credit | a flexible, revolving loan from a financial institution that allows you to borrow up to a set limit, repay it, and borrow again as needed. |
| Over-the-limit fee | a charge applied by credit card issuers when your balance exceeds your assigned credit limit, |
| Pre- Approved | lender has preliminarily reviewed your credit report and financial documents (pay stubs, tax returns) to verify your eligibility for a specific loan amount or credit product. It indicates you are a serious borrower and, un |
| Principle | a fundamental truth, law, or belief that acts as a foundation for behavior, reasoning, or the operation of a system. |
| Secured Loan | a type of credit backed by collateral—an asset like a home, car, or savings account |
| 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:
aconti29