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3 Cards in this Set
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1.) is a form of credit extended to customer in advance of any transactions.OPEN ACCOUNT CREDIT2-3.)Open Account Credit is available from two broadly defined sources what are those?FINANCIAL INSTITUIONRETAIL SOURCES4.) it is issued general-purpose credit cards, as well as secured and unsecured revolving lines of credit and overdraft protection lines.FINANCIAL INSTITUIONS5.) usually make up the other source of open account credit.RETAIL SOURCES6.) issued by commercial banks. This cards allow their holders to charge purchases worldwide at different stores.BANK CREDIT CARDS7.) Provided to the holder of a bank credit card is set by the issuer. A preset borrowing limit.LINE OF CREDIT8.) This are the charges for the advances of cash, payment for such things and when they borrrow money with the use of credit card.INTEREST CHARGE9.) Are loans on which interest begins to accrue immediately.CASH ADVANCE10.) Interest charge rate in the philippines?3.25%11.) How many days given to the customers for them to pay for their credit.20-30 DAYS.12-15.) SPECIAL TYPES OF BANK CREDIT CARDSREWARD CARDAFFINITY CARDSECURED CREDIT CARDSTUDENT CREDIT CARD16)RETAIL CHARGE CARDS - are issued by department stores, oil companies, car rental agencies, and so on.17)DEBIT CARDS - provides direct access to your checking account and, thus works like writing a check. 18)REVOLVING CREDIT LINES - provide their users with ready access to borrow money (that is, cash advances).19)OVERDRAFT PROTECTION LINE – is simply a line of credit linked to a checking account that enables a depositor to overdraw his or her checking account up to a predetermined limit.20) UNSECURED PERSONAL LINES – basically makes a line of credit available to an individual on an as needed basis.21)HOME EQUITY CREDIT LINES – these lines are much like unsecured personal credit lines except that they’re secured with a second mortgage on the home.22)CREDIT APPLICATION - Documentation that is completed by an individual or business seeking to apply for a line of credit with a lending institution. The information on the application is used to determine the borrower's credit history, employment status, and his/her ability to repay the loan amount. 23) CREDIT INVESTIGATION - An investigation that involves contacting credit references of corresponding with a credit bureau to verify information on a credit application. 24) CREDIT BUREAU - An organization that collects and stores credit information about individual borrowers. 25) CREDIT SCORING - A method of evaluating an applicant’s creditworthiness by assigning values to such factors as income, existing debts, and credit references. |
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