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Credit Cards
| Term | Definition |
|---|---|
| Annual Fee | A membership fee that you pay once a year to your credit card company for using their card. |
| Annual Percentage Rate (APR) | The total yearly cost of borrowing money, expressed as a percentage of the principal loan amount. |
| Balance Transfers | The process of 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 | A short-term, high-interest loan that allows you to withdraw cash against your credit card’s credit limit. |
| Co-Signer | a person who signs a loan or lease jointly with another in order to guarantee payment. |
| Courtesy Checks | A service available to eligible checking account members that pays for items that exceed the balance in your checking account. |
| Credit Bureau | a company that collects, compiles, and maintains individual 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 |
| Credit History | a detailed record of how you borrow and repay money, including credit cards, loans, and on-time bill payments |
| 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. |
| Credit Report | a detailed, 7-10 year record of your financial history, including credit cards, loans, repayment behavior, and public records like bankruptcies. |
| Credit Score | a 3-digit number that represents your creditworthiness and predicts the likelihood you will repay debt on time. |
| Debt | an obligation to pay back money borrowed from another party |
| Finance Charge | the total cost of borrowing money or using credit, expressed as a dollar amount. |
| Grace Period | a set timeframe after a payment due date or contractual deadline during which a late fee, penalty, or interest is not charged. |
| Interest Rate | the percentage of a loan amount charged by a lender to a borrower for the cost of using money, typically calculated annually. |
| Introductory Rate | a temporary, lower-than-normal interest rate offered by lenders or credit card issuers to attract new customers. |
| Late Payment Fee | a monetary penalty charged by lenders, creditors, or service providers when a payment is not received by the established due date. |
| Lender | an organization or person that lends money. |
| Line of Credit | a 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 | a person, project, or purchase has received preliminary, advance consent or authorization before a formal, final agreement is made. |
| Principle | the original sum of money borrowed in a loan or invested in an asset |
| Secured Loan | a type of financing backed by collateral |
| Term | the specific duration or length of time for which an investment, loan, or financial contract is active |
Created by:
ncross26