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