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Understanding Credit Cards

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
annual fee   yearly credit card fee  
annual percentage rate (APR)   cost of credit as a yearly interest rate  
balance transfers   transferring debt from one credit card account to another  
credit card   plastic card; allows accessibility to a credit line that has already been established  
credit limit   max. $ amount borrowable  
introductory rate   APR charged during credit card's intro. period after a card account is opened  
late payment fee   fee when cardholder doesn't make the min. monthly payment  
over-the-limit fee   fee when card account balance surpasses set limit  
penalty APR   interest rate charged on new transactions if the penalty terms in the credit card contract are triggered  
pre-approved   one has passed an initial credit history check  
return payment fee   fee if cardholder makes a payment but doesn't have enough $ in the account to cover the payment  
Schumer box   terms and fees of a credit card in a chart on all credit applications and solicitations  
variable-rate APR   APR may change depending on other factors  


   






 
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Created by: Tate.cord70