Credit Terminology Flashcard

Front

What is an Annual Fee in the context of credit cards?

Back

A bank charge for use of a credit card levied each year

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What does APR stand for in financial terms?

Back

Annual Percentage Rate

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Who are Authorized Users in the context of a credit card account?

Back

Any person to whom you give permission to use a credit card account

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What is Bankruptcy?

Back

A legally inability or impairment of ability of an individual or organization to pay its creditors

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What is a Billing Period?

Back

The period that your charges are applied to your credit card.

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What is Collateral?

Back

Property or any tangible assets used as security to get a loan

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What is the role of a Cosigner?

Back

To sign for a loan and assume equal liability for the debt

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What is Credit?

Back

A method of buying goods and services now and paying for them later

Front

What does a Credit Bureau do?

Back

Collects and sells information on how people handle credit

Front

What is a Credit Card?

Back

A card used to buy goods and services from the issuing merchant on credit