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Credit Card&Reports
| Term | Definition |
|---|---|
| Annual fee | a yearly charge required by some credit card companies for using an account. These fees typically range from $10 to $50 and are most common with rewards cards or cards for subprime borrowers |
| Annual percentage | the yearly cost of borrowing money, expressed as a percentage of the total amount borrowe |
| rate (APR) | the annualized interest rate charged for borrowing money on a credit card or loan |
| Balance transfers | involves moving an outstanding credit card debt from one card to another |
| Bankruptcy | a legal proceeding that can relieve an individual from repaying some or all of their debts |
| Cash advances | charged either as a flat amount or a percentage of the withdrawn amount, and interest begins accruing immediately without a grace period |
| Co-signer | another person who signs a loan or credit agreement and takes equal responsibility for repayment |
| Courtesy Checks | charges associated with legal proceedings, such as bankruptcy filings or other civil court cases |
| Credit bureau | a private firm that maintains consumer credit data files and provides credit information to authorized users for a fee |
| Credit card | a card (usually plastic) that assures a seller that the person using it has a satisfactory credit rating and that the issuer will see to it that the seller receives payment for the merchandise delivered |
| Credit history | a record of your borrowing and repayment activity, which significantly impacts your credit score and financial opportunities |
| Credit limit | the maximum amount a lender allows you to borrow on a credit card or line of credit |
| Credit report | a detailed record of your credit history, including loans, credit cards, payment history, and other financial activity, which you can access for free annually from the three major credit bureaus |
| Credit score | a numerical representation of a person's creditworthiness, used by lenders to evaluate the risk of lending money or extending credit |
| Debt | a financial obligation where one party borrows money or assets from another and agrees to repay it, usually with interest, under specified terms |
| Finance charge | the cost of borrowing money, which typically includes interest rates, fees, and other associated charges imposed by the lender |
| Grace period | an extra amount of time granted after a deadline during which an obligation can be fulfilled without penalties or negative consequences |
| Interest rate | a fixed charge for borrowing money; usually a percentage of the amount borrowed |
| Introductory rate | a temporary, lower interest rate offered by companies to attract new customers, often seen in credit cards, loans, and subscriptions. |
| Late payment fee | an additional charge applied to a customer’s account when a payment is not made by the agreed-upon due date, typically ranging from 1% to 2% of the overdue amount |
| Lender | an organization or person that lends money |
| Line of credit | a flexible loan that allows you to borrow up to a set limit, repay it, and borrow again, with interest charged only on the amount used |
| Over-the-limit fee | An over-limit fee is a penalty charged when you exceed your credit card’s credit limit, capped at the amount you overspend and only applied if you opt in to allow over-limit transactions |
| Pre-approved | having been accepted, allowed, or officially agreed to in advance, often based on an initial assessment of eligibility |
| Principle | the original sum of money involved in a financial transaction, such as a loan or investment |
| Secured Loan | a type of loan where the borrower uses an asset as collateral to secure the loan |
| Term | a word or phrase used to describe concepts, instruments, or practices in finance, accounting, investing, or business management |
Created by:
etampubolon260