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credit card
| Question | Answer |
|---|---|
| annual fee | yearly, non-refundable charge—often $40 to over $500—applied by credit card issuers |
| annual percentage | presents the total annual cost of borrowing, including interest, fees, and points, expressed as a percentage |
| rate (APR) | the total yearly cost of borrowing money, including the interest rate, fees, and other charges |
| balance transfers | allows you to move high-interest debt to a new credit card, often featuring a 0% introductory APR for 6 to 21 months, helping you pay down principal faster |
| bankruptcy | helps people who can no longer pay their debts |
| cash advantages | unparalleled simplicity, security, and budgeting control, operating without electricity, internet, or transaction fees |
| co-signer | a person with strong credit who agrees to take legal responsibility for another person's loan or lease |
| courtesy checks | complimentary, visual inspections of a vehicle's key systems—such as lights, fluids, tires, and battery |
| credit bureau | credit reporting agencies) like Equifax, Experian, and TransUnion collect financial data to build credit reports |
| credit card | a plastic card issued by a bank, building society, etc., allowing the holder to purchase goods or services on credit. |
| credit history | a detailed record of how an individual manages debt, including loan repayments, credit card balances, and payment timeliness |
| credit limit | maximum amount a lender allows you to borrow on a credit card or line of credit, determined by factors like income, credit score, and payment history |
| credit report | detailed, 7-10 year record of your financial history, documenting how you manage debt, pay bills, and handle credit accounts (loans, credit cards). |
| credit score | 3-digit number, usually between 300 and 850, that predicts your likelihood of repaying debt, helping lenders decide whether to offer you credit and at what interest rate |
| debt | money, that is owed or due |
| finance charge | total cost of borrowing money, encompassing interest and fees charged by lenders for using credit |
| grace period | set amount of time after a payment due date—typically 21–30 days for credit cards or 10–15 days for mortgages/insurance—during which penalties, interest, or policy cancellations are waived |
| interest rate | proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding |
| introductory rate | temporary, lower interest rate—often 0% APR—offered by credit card issuers or lenders to new customers for a set period, typically lasting 6 to 21 months |
| late payment fee | penalty charged when a borrower or client fails to make a payment by the agreed-upon due date |
| lender | an organization or person that lends money. |
| line of credit | flexible, revolving loan providing access to a set amount of funds you can borrow from as needed, repay, and reuse, with interest charged only on the borrowed amount |
| over the limit fee | penalty charged by credit card issuers—typically to —when a user’s balance exceeds their set credit limit |
| pre-approved | lender's conditional commitment to loan a specific amount based on a detailed review of your income, assets, and debt, typically requiring pay stubs, tax returns, and a, hard credit check |
| principal | original sum of money borrowed in a loan or invested, distinct from interest, fees, or earnings |
| secured loan | type of credit backed by an asset—such as a home, car, or cash—which acts as collateral |
| term | specific duration or length of time for which an investment, loan, or financial contract is active, such as the period before a bond matures or a loan is fully repaid |
Created by:
mazzarella26