budget and Banking
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Annual Fee | a yearly fee that you pay for the ability to use that card
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| Annual Percentage Rate (APR) | a charge or any fee associated with a transaction
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| Balance Transfers | a transfer of amount of money from one credit card to another credit card
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| Bankruptcy | completely no money in your account
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| Cash Advances | service provided by most credit card and charge card issuers, allows cardholders to withdraw cash
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| Co-Signer | to make payment on the other person's debt should that person default
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| Courtesy Checks | credit card account that can be used for purchases or cash advances, as long as the credit limit on the card is not exceeded
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| Credit Bureau | company that collects information relating to the credit ratings of individuals and makes it available to credit card companies, financial institutions, etc.
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| Credit Card | a small plastic card issued by a bank, business; allowing the holder to purchase goods or services on credit
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| Credit History | a record of a consumers ability to repay debts and demonstrated responsibility in repaying debts
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| Credit Limit | the maximum amount a credit card company will allow someone to borrow on a single card
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| Credit Report | a detailed report of an individuals credit history
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| Credit Score | a number assigned to a person that indicates to lenders their capacity to repay a loan
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| Debt | money that is owed or due
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| Finance Charge | fee representing the cost of credit, or the cost of borrowing
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| Grace Period | allows payment to be received for a certain period of time after the actual due date
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| Interest Rate | the proportion of a loan that is charged as interest to the borrower
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| Introductory Rate | is an interest rate charged to a customer during the initial stages of a loan
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| Late Payment Fee | the borrower gets charged for missing payment, at least their minimum
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| Lender | a person that lends money
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| Line of Credit | an amount of credit extended to a borrower
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| Over-the-limit Fee | charged by a lender if the outstanding balance on a credit card exceeds the credit limit.
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| Pre-approved | after the evaluation of a potential borrower, the borrower qualifies for a loan from the lender
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| Principle | an amount of money that is lent, borrowed, or invested, apart from any additional money such as interest
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| term | specify the period allowed to a buyer to pay off the amount due
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Created by:
ksno
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