Credit Flashcards
ATM cash advance
Using your credit card to get cash form an automated teller machine.
Balance payer
Someone who pays off his or her entire credit card balance each month.
Balance transfer
Paying off one credit card balance by transferring it to another credit card.
Credit
Borrowing money and promising to pay it back later.
Credit card solicitations
Advertisements sent in the mail inviting you to apply for credit cards.
Credit cards
Plastic cards used to make purchases on credit.
Credit inquiry
A lender’s check of your credit rating.
Credit line
The maximum amount you can borrow on a credit line.
Credit rating(history)
A detailed record of past borrowing and credit payments.
Debit cards
Plastic cards used to pay for purchases with funds you have in a bank account.
Grace period
Time period following your credit card statement date where no interest is charged if pain in full during grace period.
Interest
Fee paid to a lender for use of money.
Annual fee
Yearly fee charged by some credit card companies
Interest rate
Annual percentage which when multiplied by your credit card balance equals the interest charge.
Late fee
Yearly fee charged by some credit cards.
