credit cards Word Scramble
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Term | Definition |
annual fee | a fee that's automatically charged once a year to your credit card account for the benefits that come with that credit card |
annual percentage | is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. |
rate APR | a broader measure of the cost to you of borrowing money, also expressed as a percentage rate |
balance transfers | moving the outstanding debt from one piece of plastic to another card, usually a new one |
bankruptcy | the state of being bankrupt. |
cash advances | 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 | 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 | first 100 checks usually given free for opening a checking 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 record of a borrower's responsible repayment of debts. A credit report is a record of the borrower's credit history |
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 | 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 change | 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 | a period of time after a payment becomes due, as of a loan or life-insurance premium, before one is subject to penalties or late charges or before the loan or policy is canceled |
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 interest rate charged to a customer during the initial stages of a loan |
late payment fee | 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 | a fee charged when your balance goes over your credit limit |
Pre-approved | you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply," the literal meaning is different. The literal meaning is "at a stage before approval." |
Principle | the original sum of money borrowed in a loan, or put into an investment |
Secured Loan | 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 |
Created by:
sromanik18
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