Term
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Definition
| loans made on a continuous basis, you are expected to make at least a partial payment periodically. |
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Term
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Definition
| A law that requires creditors to provide certain basic information about the cost of buying on credit or taking out a loan. |
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Term
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Definition
| the dollar amount you pay for the use of credit |
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Term
Annual Percentage Rate
(APR) |
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Definition
| the annualized interest cost to carry the balance on a loan or credit card from month to month |
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Term
Credit limit
or
Credit line |
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Definition
| maximum amount of credit you can use |
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Term
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Definition
| an agreement allowing a consumer to make purchases or use a service during a 30-day period and pay the full amount within 30 days |
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Term
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Definition
| this type of account allows a customer to either pay a portion of the bill or to pay the bill in full |
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Term
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Definition
| allows a customer to either pay the bill in full with no additiontion cost or to pay a portion of the bill over several months at an interest rate per month |
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Term
| Travel and entertainment (T&E) cards |
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Definition
| this card required you to pay the entire balance each month, but they do not charge interest. |
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