Credit Cards

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What is a check?

Back

A written document asking a bank to pay a certain amount from your account.

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Is it wise to compare credit card offers before choosing one?

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True

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What are the benefits of credit cards?

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Safe and convenient, bonuses are offered, allows you to build a positive credit report, needed for reservations and online shopping, all of these.

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What is an Amortization Table?

Back

The schedule prepared showing the installment payments for the period (called the term of the loan).

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What is a Cash Advance?

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A cash loan from a credit card using an ATM or bank withdrawal.

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What is a credit card?

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A card issued by a bank allowing the holder to purchase goods or services on credit.

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What is the purpose of a credit limit?

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The maximum amount of credit that a financial institution extends to a client.

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What is interest in terms of credit cards?

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The cost of borrowing money, usually expressed as a percentage of the amount borrowed.

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What is a balance transfer?

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Moving an outstanding balance from one credit card to another, often to take advantage of lower interest rates.

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What is a credit score?

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A numerical expression of a person's creditworthiness, based on credit history.