Chapter 6 - credit

Front

this used to finance a specific purchase for a specific amount of time

Back

installment loan

Front

an open line of credit used for purchases

Back

credit card

Front

states percentage cost of credit on a yearly basis

Back

APR

Front

once per year charge for having a credit card

Back

annual fee

Front

maximum amount you are allowed to charge on a credit card

Back

credit limit

Front

length of time before interest is charged on a credit account

Back

grace period

Front

moving money from one credit card to another

Back

balance transfer

Front

instead of making a purchase, cash is received with a credit card

Back

cash advance

Front

the amount a credit card customer must send in each month to keep an account in good standing

Back

minimum payment

Front

a company that collects information about consumers’ credit history and sells it to lenders

Back

credit bureau