credit cards, report
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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| annual fee | Fee charged by a credit card company each year for use of a credit card
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| annual precentage | rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual yearly cost of funds over the term of loan.
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| rate (APR) | Annual percentage rate describes the interest for a whole year, rather than just a monthly fee.
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| Balance transfers | When you pay off the balances on existing cards or loans by transferring them to another credit card account.
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| bankruptcy | A legal status of a person or other entity that cannot repay the debts it owes to creditors.
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| cash advances | A service provided by most credit card and charge card issues. The service allows cardholders to withdraw cash.
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| co-signer | Someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt.
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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 not exceeded.
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| credit bureau | collection agency that gathers account information from various creditors and provides that information to a consumer.
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| credit card | Enables the cardholder to pay a merchant for goods and services , based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus other agreed charges.
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| credit history | Record of a borrower's responsible repayment of debts.
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| credit limit | Maximum amount of credit a financial institutuion extends to a client.
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| credit report | Detailed report of an individual's credit history. The reports are based on credit history.
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| credit score | Numerical expression based on a level analysis of a person's credit files.
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| debt | Money that is owned 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 allowed for payment of a sum due or for compliance with law or condition.
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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.
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| introductory rate | A interest charged to a costumer during the initial stages of a loan. The rate can be as low as 0%.
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| late payment fee | Charged to a borrower who misses paying minimum payments by the deadline.
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| lender | A person or organization 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 when your balance goes over your credit limit.
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| Pre- approved | Evaluating a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender.
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| principle | A proposition that serves as the foundation for a system of behavior for a chain of reasoning.
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| secured loan | loan in which the borrower pledges some asset as collateral for the loan, which later becomes a secured debt owned to the creditor who gives the loan.
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| term | Fixed period for something.
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jeik17
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