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29 Cards in this Set

  • Front
  • Back
Affinity Card
A credit card affiliated with an organization, such as a charity or alumni association, that receives a percentage of all transactions charged to each account.
Annual Fee
Yearly cost of owning a credit card. Many credit card companies offer cards with no annual fee.
Annual Percentage Rate
The amount of interest charged on a yearly basis.
Available Credit
Amount of additional charges you can make on your account, calculated by subtracting current charges, pending charges, and outstanding balances from your credit limit.
Balance Transfer
the process of paying off another creditor's account with the use of a convenience or balance transfer check.
Cash Advances
Money borrowedagainst a charge or credit card, which accrues interest differently than charged purchases, sometimes at a higher rate.
Charge Card
A card on which purchases can be made now and paid for later. Much be paid in full each month.
Co-Branded Card
A rebate card affiliated with an organization. Allows the consumer to accumulate points and rebates with every purchase.
Credit Card
Allows consumers to purchase goods and services against their line of credit and pay for them later. A credit card gives consumers the option to pay the outstanding balance each month or to pay over time.
Credit Line
Also known as credit limit, this is the maximum amount that you can charge on your credit card.
Credit Report
A report maintained by a consumer-reporting agencythat records your credit card and other loan product credit lines, balance owed, payment patterns and other credit-related history.
Credit Score
A fast, objective way to evaluate a credit report, which is used to predict how likely an individual is to repay a new loan.
Equal Opportunity Credit Act
Federal law that prohibits lenders from discriminating on any age, race, blah blah blah/
Fair Credit Billing Act
Federal law that defines how to address credit card billing and disputes and the processing of credit balance refunds.
Finance charge
The costs associated with you credit card account including such charges as interest, service or membership fees, transaction fees, etc.
Gold and Platinum Cards
Credit cards that offer higher credit limits and exclusive benefits. Issuer usually requirecardholders to meet higher standards for income and credit history.
Grace Period
The period within which any credit extended for purchases may be repaid without incurring a finance charge-- usually 20-25 days.
Interest Rate
The rate a lender charges for use of its funds.
Introductory Rate
Competitive interest rate offered to cardholders, usually for three to six months before moving to the standard APR.
Issuer
A bank or financial institution that issues credit cards or charge cards.
Minimum Payment Due
The minimum amount you must pay to keep your account current, if you are not paying your balance off in full
New Balance
The total of your precious balance plus any purchases, cash advances, fees or finance charges, less any payments or credit.
Payment Due Date
The date on which you payment should be received.
Periodic Rate
The rate used to compute the finance charges during the billing perios. More than on periodic rate may apply to purchases, balance transfers, promotional purchases and cash advance transactions.
Previous Balance
The account balance outstanding at the beginning of the billing cycle.
Principal
The outstanding balance on a credit card or loan, excluding interest.
Statement Date
The closing date of the billing cycle for which you statement is issued.
Terms and Conditions
The contracted terms to which the customer agrees when accepting a credit card or charge card account, which detail both the consumer's and creditor's responsibilities.
Truth in Lending Act
Federal law requiring lenders to disclose information about the loan or credit card at time or offer, account opening and each billing statement.