Credit Cards/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.
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| Annual Percentage 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 | 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 completely lacking in a particular quality or value.
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| Cash Advances | A service provided by most credit card and charge card issuers.
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| Co-Signer | A person who signs an official document (such as a loan, contract, or law) with another person
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| Courtesy Checks | Checks linked to your credit line that can be used just like checks linked to your checking account. Convenience checks can be made in any amount, as long as it does not surpass your credit limit.
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| Credit Bureau | A 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, etc., allowing the holder to purchase goods or services on credit.
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| Credit History | Is a record of a borrower's responsible repayment of debts.
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| Credit Limit | Also refers to 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 | Something, typically money, that is owed or due.
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| Finance Charge | Any fee representing the cost of credit, or the cost of borrowing.
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| Grace Period | A period officially allowed for payment of a sum due or for compliance with a law or condition, especially an extended period granted as a special favor.
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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 | The rate, which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply.
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| Late Payment Fee | 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 | A fee charged by a credit card company if a credit card user exceeds the card's credit limit.
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| Pre-approved | To approve (an applicant or an application for a loan, for example) at an earlier point in the approval process than is usual.
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| Principle | A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning
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| Secured Loan | A loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.
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| Term Loan | A monetary loan that is repaid in regular payments over a set period of time.
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