Credit and Financial Terms

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Credit

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An offer to have goods or services today for payment in the future.

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Credit Card

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A card that allows you to pay a portion or entire amount each month, with interest. A credit card usually has a credit limit.

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Credit Limit

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Amount of credit one is entitled to use.

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Balance

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The amount that is left to pay after a payment has been made.

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Minimum monthly payment

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The smallest payment you can make to maintain your account.

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Annual Fee

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The annual membership fee of having a credit or charge card.

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Finance Charge

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A fee for borrowing or using credit.

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Principal

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The amount borrowed in a loan.

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Usury

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A creditor charging credit above the limit that is illegal.

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Due Date

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The day a payment is due to a creditor. After that date, a late fee can be charged and the payment can be recorded as late or the account can be considered delinquent.