Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Credit Cards
| Definition | |
|---|---|
| Annual Fee | Yearly recurring charge imposed by financial institutions to maintain a credit card account. |
| Annual Percentage | Total yearly cost of borrowing money, expressed as a percentage that includes both the interest rate & additional fees |
| Rate (APR) | Interest rate plus additional fees |
| Balance transfers | Moving high-interest debt from one or more credit cards to a new card |
| Bankruptcy | A federal legal process designed to help individuals or businesses eliminate or repay debts they cannot afford through a structured court process |
| Cash advances | Short-term, high-interest loan that allows you to withdraw cash against your credit cards credit limit. |
| Co-signer | A person who signs a loan or lease jointly with another in order to guarantee payment |
| Courtesy checks | A service offered by banks and credit unions that acts as a safety net for checking accounts. |
| Credit bureau | Company that collects, complies, and maintains individual financial data to create credit reports. |
| Credit card | Card issued by financial institutions that allows users to borrow funds up to a pre-approved limit to make purchases, pay bills, or obtain cash advances |
| Credit history | Detailed record of how you borrow and repay debts |
| Credit limit | Maximum amount of money a lender allows you to borrow on a credit card or line of credit at any given time |
| Credit report | Detailed, 7-10 year record of your financial history, including credit cards, loans, repayment behavior, and public records like bankruptcies |
| Credit score | 3-digit number, typically between 300-850 that represents your creditworthiness and predicts like likelihood you will repay debt on time |
| Debt | Money you owe a person or a business |
| Finance charge | Total cost of borrowing money or using credit, expressed as a dollar amount |
| Grace period | Set timeframe after a payment due date or contractual deadline during which late fee, penalty, or interest is not charged |
| Interest rate | Percentage of a loan amount charged by a lender to a borrower for the cost of using money, typically calculated annually |
| Introductory rate | Temporary, lower than normal interest rate offered by lenders or credit card issuers to attract new customers. |
| Late payment fee | Monetary penalty charged by lenders, creditors, or service providers when a payment is not received by the establishment due date. |
| Lender | Individual, group, or financial institution that provides funds to a borrower with the expectation of repayment, typically with interest, under specific agreed-upon terms |
| Line of credit | Flexible, revolving loan providing access to a set amount of funds that can be used as needed, rather than all at once |
| Over-the-limit fee | a penalty charged by credit card issuers when a cardholder's balance exceeds their assigned credit limit |
| Pre-approved | having credit, a loan, or a purchase authorized in advance by a lender or vendor based on a preliminary review of your creditworthiness |
| Principle | a fundamental truth, law, or belief that serves as the foundation for a system of behavior, reasoning, or operation |
| Secured Loan | credit backed by collateral—such as a home, car, or savings account—which the lender can seize if you fail to repay the debt. |
| Term | specific, agreed-upon length of time for a loan, investment, or financial contract, such as the period for repayment or maturity. |
Created by:
iveceresaletta27