Credit Flashcards

1
Q

ATM cash advance

A

Using your credit card to get cash from an automated teller machine.

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2
Q

Balance payer

A

Someone who pays off his or her entire credit card balance each month.

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3
Q

Balance transfer

A

Paying off one credit card balance by transferring it to another credit card.

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4
Q

Credit

A

Borrowing money and promising to pay it back later.

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5
Q

Credit card solicitations

A

Advertisements sent in the mail inviting you to apply for credit cards.

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6
Q

Credit cards

A

Plastic cards used to make purchases on credit.

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7
Q

Credit inquiry

A

A lender’s check of your credit rating.

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8
Q

Credit line

A

The maximum amount you can borrow on a credit card.

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9
Q

Credit rating (history)

A

A detailed record of past borrowing and credit payments.

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10
Q

Debit cards

A

Plastic cards used to pay for purchases with funds you have in a bank account.

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11
Q

Grace period

A

Time period credit card statement date where no interest is charged if paid in full during grace period.

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12
Q

Interest

A

Fee paid to a lender for use of money.

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13
Q

Interest rate

A

Annual percentage which when multiflied by your credit card balance equals the interest charge.

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14
Q

Late fee

A

Yearly fee charged by some credit cards.

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15
Q

Loan consolidation

A

Paying off all of your current loan balances by taking out one new, large loan.

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16
Q

Minimum payment amount

A

The minimum amount you must pay this month.

17
Q

Purchase enabler

A

Using a credit card to make transactions where you already have the money in the bank and will pay the bill off in full each month.

18
Q

Store credit cards

A

Cards issued by specific stores, for use in that company’s stores only.

19
Q

Teaser rates

A

Low, temporary interest rates offered by some credit cards.

20
Q

Debit cards

A

Plastic cards used to pay for purchases that are withdrawn from funds you have in a bank account.

21
Q

Late fee

A

Fee charged for a late payment.

22
Q

Annual fee

A

Yearly fee charged by some credit card companies.