Term
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Definition
| A yearly fee that's charged by the credit card company for the convenience of the credit card |
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Term
| Annual percentage rate (APR) |
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Definition
| Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan |
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Definition
| Type of card issued by a bank that allows users to finance a purchase |
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Term
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Definition
| A detailed report of an individual's credit history |
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Term
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Definition
| A measure of an individual's credit risk; calculated from a credit report using a standardized formula |
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Term
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Definition
| Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments |
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Term
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Definition
| A decrease or loss in value |
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Term
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Definition
| An interest rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time |
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Term
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Definition
| Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term |
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Term
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Definition
| An expense, such as a charitable contribution, that can be deducted from one's taxable income |
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Term
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Definition
| Making purchases now and paying for them later (also known as borrowing) |
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Term
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Definition
| Any bank or business that extends credit to others; a lender |
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Term
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Definition
| Anyone who owes money; a borrower |
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Term
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Definition
| A fee for borrowing money, added to a monthly credit card bill |
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Term
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Definition
| The fee expressed as a percentage, a borrower owes for the use of a creditor's money. At an interest rate of 10%, a borrower would pay $110 for $100 borrowed. |
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Term
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Definition
| Additional fees that can be added to a credit card bill if the card holder fails to make at least the minimum payment by the due date. |
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Term
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Definition
| The smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the lender |
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Term
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Definition
| The amount of money borrowed. On a credit card bill, the principal is the purchased price of all items bought with the card |
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