Credit Cards&Reports Word Scramble
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Term | Definition |
Annual Fee | Any fee that is charged on an annual (yearly) basis. |
Annual Percentage Rate | is the annual 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 a loan. |
Balance Transfers | is where part or all of a debit balance you owe to another lender is transferred from one card to another, usually to save money on interest repayments. |
Bankruptcy | is a legal proceeding involving a person or business that is unable to repay outstanding debts. |
Cash Advances | is a short-term loan from a bank or alternative lender. |
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. |
Courtesy Checks | also called a credit card check, is linked to a consumer's credit card account and can be used to make purchases or take cash advances with the credit card.To make a purchase, simply write a check for the purchase amount to a merchant and sign the check. |
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. |
Credit Card | a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. |
Credit History | is a record of a borrower's responsible repayment of debts. |
Credit Limit | refers to the maximum amount of credit a financial institution extends to a client through a line of credit as well as the maximum amount a credit card company allows a borrower to spend on a single card. |
Credit Report | is a record of the borrower's credit history from a number of sources, including banks, credit card companies, collection agencies, and governments. |
Credit Score | a number assigned to a person that indicates to lenders their capacity to repay a loan. |
Debt | is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. |
Finance Charge | 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. |
Grace Period | provision loan and insurance contracts that allow payment to be received for a certain period of time after the due date. No late fees are charged. A typical grace period is 15 days. |
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. |
Introductory Rate | is an interest rate charged to a customer during the initial stages of a loan. Which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply. |
Late Payment Fee | A charge a consumer pays for making a required minimum payment on a credit card after the due date. |
Lender | an organization or person that lends money. |
Line of Credit | an amount of credit extended to a borrower. |
Over the Limit Fee | is a fee charged when your balance goes over your credit limit (also known as over the limit fee). |
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. |
Principle | Principal is most commonly used to refer to the amount borrowed or the amount still owed on a loan, separate from interest. |
Secured Loan | 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. |
Term | a fixed or limited period for which something, e.g., office, imprisonment, or investment, lasts or is intended to last. |
Created by:
Makhdar17
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