Term
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Definition
| A yearly fee that may be charged for having a credit card |
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Term
| Annual percentage rate (APR) |
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Definition
| the cost of credit expressed as a yearly interest rate |
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Term
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Definition
| The act of transferring debt from one credit card account to another |
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Term
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Definition
| The person or organization that is receiving money from a lender |
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Term
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Definition
| a loan which the borrower must repay the amount in a specified number of equal payments |
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Term
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Definition
| When goods, services, or money is received in exchange for a promise to pay a definite sum of money at a future date |
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Term
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Definition
| An individuals' ability and willingness to pay the money back |
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Term
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Definition
| a form requesting information about a person's ability to repay credit |
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Term
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Definition
| Pre-approved credit which can be used for the purchase of goods and services now and payment of them later |
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Term
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Definition
| A comparison of information on a credit application to information on a credit report |
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Term
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Definition
| the maximum dollar amount that can be charged to a credit card |
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Term
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Definition
| A record of a consumer's credit history that includes information about credit card use as well as the use of other types of credit |
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Term
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Definition
| A number that summarizes an individual's credit record and history |
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Term
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Definition
| A plastic card which looks like a credit card but is electronically connected to the card holder's bank account |
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Term
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Definition
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Term
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Definition
| The APR charged during the credit card's introductory period after a credit card account is opened |
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Term
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Definition
| fee charged when a credit card holder does not make the minimum monthly payment by the due date |
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Term
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Definition
| The person or organization who has the resources to provide a borrower with a loan |
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Term
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Definition
| Extended as a line of credit established in advance so that the borrower does not have to apply for credit each time new credit is desired |
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Term
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Definition
| fee charged if the credit card account balance goes over the set credit limit |
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Term
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Definition
| the interest rate charged on new transactions if the penalty terms in the credit card contract are triggered |
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Term
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Definition
| when someone has passed an initial credit check |
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Term
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Definition
| an index that represents the interest rate most banks charge their most credit-worth customers |
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Term
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Definition
| Displays the main costs of a credit card |
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Term
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Definition
| An APR that may change depending on other factors, such as the prime rate |
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