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Stack #4639423
| Question | Answer |
|---|---|
| annual fee | An annual fee is a yearly, recurring charge applied by credit card issuers for holding a specific, often rewards-heavy or premium, credit card account. |
| annual percentage | the total yearly cost of borrowing money, expressed as a percentage, including the base interest rate plus fees and other associated costs. |
| rate | a fixed price paid or charged for something, especially goods or services. |
| balance transfers | A balance transfer is the process of moving high-interest debt from one or more credit cards to a new card, usually featuring a 0% |
| bankruptcy | a federal legal process designed to help individuals or businesses eliminate or repay debts they cannot afford through a structured court process |
| cash advantages | the financial and practical benefits of using physical currency (banknotes and coins) or having immediate funds available |
| co-singer | a person who signs a loan or lease jointly with another in order to guarantee payment |
| courtesy checks | a quick, typically free, visual inspection of a vehicle's major components and systems, often provided by repair shops during other services like an oil change or tire rotation |
| credit bureau | a company that collects, compiles, and maintains individual financial data to create credit reports |
| credit card | A credit card is a payment 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 | a detailed record of how you borrow and repay debt, including credit card usage, loan payments, and account longevity |
| credit limit | is the maximum amount of money a lender allows you to borrow on a credit card or line of credit at any given time. Set based on your income, credit score, and debt levels, |
| credit report | , 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 and 850, that represents your creditworthiness and predicts the likelihood you will repay debt on time |
| debt | an obligation to pay or repay money, goods, or services to another party, typically involving a principal amount borrowed plus interest |
| finance charge | A finance charge is the total cost of borrowing money or using credit, expressed as a dollar amount. It includes interest, service fees, transaction fees, and other costs |
| grace period | s A grace period is 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. It represents the fee for borrowing (like mortgages) or the return earned on savings deposits. |
| introductory rate | is a temporary, lower-than-normal interest rate offered by lenders or credit card issuers to attract new customers |
| late payment fee | is 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 | is 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 | An overlimit fee is a penalty charged by credit card issuers when a cardholder's balance exceeds their assigned credit limit |
| pre approved | a lender has tentatively agreed to offer you credit (loan or card) based on an initial, often "soft," review of your creditworthiness |
| principle | a sum of money lent or invested, on which interest is paid. |
| secured loan | A secured loan is a type of credit backed by collateral—a valuable asset like a home, car, or savings account—that you pledge to the lender. If you fail to repay the loan, the lender has the legal right to seize that asset to recoup their losses. |
| term | .a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last. |
Created by:
Hstephens27
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