Credit Card Word Scramble
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Term | Definition |
Annual fee | Any fee that is charged on an annual (yearly) basis. |
Annual percentage | The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (or EAPR), describes the interest rate for a whole year (annualized) |
Balance transfers | A balance transfer is where part or all of a debit balance (or debt) you owe to another lender is transferred from one card to another, usually to save money on interest repayments |
Bankruptcy | the state of being bankrupt |
Cash advances | A cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit |
Co-signer | A cosigner is a person who agrees to pay a borrower's debt if he or she defaults on the loan |
Courtesy checks | Those blank "convenience checks" from your credit card company offer a quick way to write yourself a loan, pay bills or transfer other loans to your credit card account |
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 | A credit history is a record of a borrower's responsible repayment of debts |
Credit limit | 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 history | A credit report is a detailed report of an individual's credit history |
Credit score | a number assigned to a person that indicates to lenders their capacity to repay a loan |
Debt | something, typically money, that is owed or due |
Finance charge | In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing |
Grace Period | A grace period is the provision in most loan and insurance contracts that allows payment to be received for a certain period of time after the actual due date |
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 | An introductory rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan |
Late payment fee | A late payment fee (a late charge) is charged to a borrower who misses paying at least their minimum payment by the payment deadline |
Lender | an organization or person that lends money |
Line of credit | an amount of credit extended to a borrower |
Over the limit fee | An over-limit fee is a fee charged when your balance goes over your credit limit (also known as over the limit fee) |
Pre-approved | "you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply, |
Secured loan | A secured loan, is a loan in which the borrower pledges some asset |
Term | The period of time during which a contract is in force. |
Created by:
bturner17
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