credit card reports
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each of the black spaces below before clicking
on it to display the answer.
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| Annual fee | A yearly fee that may be charged by credit card issuers. It may be thought of as a type of membership fee. However, not all credit cards require a fee. Those that do are more likely to offer rewards like travel or other perks.
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| Annual percentage | The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
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| rate (APR) | The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
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| Balance transfers | It is where part or all of a debit balance (or debt) you owe to another lender is transferred from one credit card to another, usually to save money on interest rates.
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| Bankruptcy | the state of being bankrupt.
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| cash advances | This is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit.
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| Co-Signer | The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default.
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| Courtesy Checks | Checks linked to a 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 | This is an agency that researches and collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans.
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| credit card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
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| credit history | This is a record of a borrower's responsible repayment of 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 individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness
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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 | the state of owing money
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| finance charge | It is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit.
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| grace period | A provision in most loan and insurance contracts which 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, typically expressed as an annual percentage of the loan outstanding.
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| introductory rate | This is an interest rate charged to a customer during the initial stages of a loan.
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| late payment fee | It is charged to a borrower who misses paying at least their minimum payment by the payment deadline.
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| lender | an organization or 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 credit card company if a credit card user exceeds the card's credit limit.
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| pre-approved | An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender would be willing to lend.
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| principle | The amount borrowed or the amount still owed on a loan, separate from interest.
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| secured loan | This is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan.
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| term loan | A loan from a bank for a specific amount that has a specified repayment schedule and a floating interest rate.
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