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