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Understanding Credit Cards Vocabulary

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Term
Definition
Annual fee   A yearly fee that may be charged for having a credit card  
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Annual percentage rate (APR)   The cost of credit expressed as a yearly interest rate.  
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Balance transfers   The act of transferring debt from one credit card account to another.  
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Credit Card   A plastic card that you can use to access a line of credit that has been established in advance.  
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Credit limit   The maximum dollar amount that can be borrowed  
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Introductory rate   The APR charged during the credit card's introductory period after a credit card account is opened.  
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Late payment fee   Fee charged when a credit card holder does not make the minimum monthly payment by the due date.  
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Over-the-limit fee   fee charged if the credit card account balance goes over the set credit limit.  
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Penalty APR   The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered.  
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Pre-approved   When someone has passed an initial credit history check.  
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Returned payment fee   Fee charged if the cardholder makes a payment but does not have enough money in the account to cover the payment  
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Schumer Box   Terms and fees of a credit card in an easy to read box on all credit card applications and solicitations.  
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Variable-rate APR   An APR that may change depending on other factor.  
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Created by: Tou Xiong
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