6.03 Word Scramble
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Term | Definition |
annual fee | yearly credit card fee |
annual percentage rate (APR) | cost of credit as a yearly interest rate |
balance transfers | transferring debt from one credit card account to another |
credit card | plastic card; allows accessibility to a credit line that has already been established |
credit limit | max. $ amount borrowable |
introductory rate | APR charged during credit card's intro. period after a card account is opened |
late payment fee | fee when cardholder doesn't make the min. monthly payment |
over-the-limit fee | fee when card account balance surpasses set limit |
penalty APR | interest rate charged on new transactions if the penalty terms in the credit card contract are triggered |
pre-approved | one has passed an initial credit history check |
return payment fee | fee if cardholder makes a payment but doesn't have enough $ in the account to cover the payment |
Schumer box | terms and fees of a credit card in a chart on all credit applications and solicitations |
variable-rate APR | APR may change depending on other factors |
Created by:
Tate.cord70
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