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 Card & Report
| Term | Definition |
|---|---|
| Annual Fee | a yearly, recurring charge ($40–$100+ typical, sometimes hundreds for premium cards) imposed by financial institutions to maintain a credit card account |
| Annual Percentage Rate (APR) | the total yearly cost of borrowing money, expressed as a percentage, which includes both the interest rate and additional fees. |
| Balance Transfer | moves high-interest debt from one or more credit cards to a new card, usually featuring a 0% or low introductory APR for a set period |
| Bankruptcy | a federal legal process designed to help individuals or businesses eliminate or repay debts they cannot pay |
| Cash Advisor | a specialized financial professional or firm engaged to manage a business's operational liquidity, analyze cash flow, and prepare projections. They help organizations optimize working capital, manage debt, and ensure sufficient funds for operations. |
| Co-Signer | an individual, often a friend or family member with good credit, who signs a loan or lease agreement with a primary borrower, agreeing to take full legal responsibility for the debt if the borrower fails to pay |
| Courtesy Checks | usually refers to a free, complimentary inspection of a vehicle's essential systems performed by technicians, often while the car is in the shop for another service |
| Credit Bureau | receive and compile data about your borrowing and credit payment history. |
| Credit Card | a plastic card issued by a bank, building society, etc., allowing the holder to purchase goods or services on credit. |
| Credit History | detailed record of how an individual manages debt, including loan repayments, credit card balances, and payment timeliness |
| Credit Limit | the maximum amount of money a lender allows you to borrow on a credit card or line of credit at any given time. It is set based on your income, credit history, and debt, and it restricts your total spending, including purchases, fees, and cash advances. |
| Credit Report | a detailed, 7-10 year record of your financial history, documenting how you manage debt, including credit cards, mortgages, and loans |
| Credit Score | a three-digit number (typically 300–850) that acts as a numerical representation of your creditworthiness, predicting how likely you are to repay loans on time. Used by lenders to determine loan approval and interest rate. |
| Debt | something, typically money, that is owed or due. |
| Finance Charge | he total cost of borrowing money or using credit, expressed as a dollar amount. It includes interest, service fees, transaction fees, and other costs directly or indirectly imposed by a creditor for extending credit |
| Grace Period | a set timeframe after a payment due date during which a borrower can make payments without incurring late fees, penalties, or interest charges |
| Interest Rate | the cost of borrowing money or the reward for saving it, typically expressed as an annual percentage of the principal amount |
| Introductory Rate | a temporary, lower-than-normal interest rate offered to attract customers to financial products like credit cards or loans. |
| Late Payment Fee | a financial penalty charged by a creditor, lender, or service provider when a payment is not received by the established due date |
| Lender | n organization or person that lends money. |
| Line of Credit | a flexible, revolving loan providing access to a set amount of funds that can be borrowed, repaid, and borrowed again |
| Over-the-limit Fee | a charge applied by credit card issuers when your balance exceeds your assigned credit limit, but only if you have explicitly "opted in" to allow over-the-limit transaction |
| Pre-Approved | a lender has preliminarily reviewed your creditworthiness and financial documents (like income and debts) and determined you are a strong candidate for a specific loan amount and interest rate, typically before you find a house or car. |
| Principle | a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning. |
| Secured Loan | a type of credit backed by collateral—a valuable asset like a home, car, or savings account—that you pledge to the lender. |
| Term | refers to the specific, fixed duration for which a loan is granted, an investment is held, or a financial contract remains in effect. |
Created by:
zwestbrook27
Popular Finance sets