Credit Card Terms

Credit Card Terms

charge

the amount of money spent on a purchase

credit limit

The maximum amount of money you can owe on your credit card

minimum payment

the least amount of money you can pay on your current credit card bill

balance

The amount of money you owe to the credit card company

interest

the cost of borrowing money from the credit card company

1.) The ____________ _________ on Mrs. Kramer's Credit Card bill was $35.00.

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2.) Mrs. Kramer made $3000 in purchases. The _______________ on her bill came to over $240.

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3.) After Christmas shopping, the new _____________ on Mrs. Kramer's credit card bill was $4300.

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4.) Mrs. Kramer bought gas at Kwik Shop. The ____________ came to $18.25.

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5.) Mr. Kramer doesn't want Mrs. Kramer spending too much money so he had the _____________ _____________ on her credit card set to $2000.00.

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Creditor

Also known as the lender, the person or institution to whom money is owed

Credit Bureau

A company that collects information about your credit history and sells it to lenders.

Credit History

A record of your past borrowing and repayments.

Credit Report

A detailed record of an individuals credit history and credit score

Credit Score

A number that indicates how good of a credit risk you are - the highter the score, the better.

6.) Mrs. Bale's _________ _________ shows that she is an excellent credit risk.

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7.) Equifax is one of the top _________ __________ in the country. They provide information to millions of lenders.

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8.) Mrs. Bale's __________ ________ shows that she has a credit score of 750 and has always repaid her loans on time.

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9.) The __________ __________ of Mrs. Bales shows that she has taken out 5 loans over the past 10 years and has always paid them back regularly.

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10.) The _________ who owns my credit card is Union Bank.

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bankruptcy

The state of legally being declared unable to pay your debts with your available income

financial capacity

the measure of your financial ability to repay a loan

financial character

a measure of your financial responsibility - often based on your credit history

asset

anything you own that adds financial value - something that has worth

collateral

property or assets put down as security on a loan

11.) Mr. Redmond's _______ ________ shows lenders that he is responsible with his money

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12.) Mr. Redmond offered his 1956 Fender guitar as ___________ on the loan he was applying for from the bank.

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13.) Mr. Redmond has a lot of money and other assets, so his ____________ ___________ is high.

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14.) Among his ________, Mr. Redmond owns two houses, three cars, and a colleciton of vintage guitars.

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15.) After several bad financial setbacks, Mr Tien had to declare ____________ because he just couldn't pay his bills.

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annual fee

a set amount of money a credit card company charges for having a credit card

late fee

a penalty fee that a credit card charges for payments made after the due date

due date

the date by which your credit card payment must be paid

grace period

a set length of time after the due date when a payment can be made without penalty.

delinquent

a situation where a borrower is late or overdue on a payment

16.) Mr. Kantor hadn't paid his credit card bill in three months so the credit card company said his account was ______________.

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17.) Mr. Kantor's bill was due on th 15th. When he paid it on the 20th, the credit card company charged him a $20 ____ ___.

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18.) Mr. Tien's credit card company offers a 10-day ______ ______, so even though he didn't pay his bill on time, he didn't have to pay a penalty.

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19.) Mr. Kantor's credit card company charges an _______ ___ of $50.00 just for using their credit card.

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20.) Mr. Kantor's credit card ___ ____ is the 15h of each month. This is difficult for him because he doesn't get paid until the end of each month.

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EMV chip

an electronic computer chip that stores your credit card information. It's more secure than the old magnetic strip that was used

free loader

What the credit card company calls someone who pays off their balance in full every month and so never pays any interest

introductory rate

an annual percentage rate - usually lower - offered for the first year or a short term to get you to take out a credit card

balance transfer

moving your balance from one credit card to another, usually with a lower rate.

Schumer Box

A summary that lists all the costs of a credit card

My new credit card had a much lower interest rate than my old card, so I did a _______ ________ and moved the $3000 I owed to the new card.

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My new credit card has a zero percent ____________ ____ for the first six months.

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Mrs. Stopp always pays her full balance each month on her credit card. The credit card company calls her a ____ ______.

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The card reader at the gas station wasn't working, so instead of using my ___ ____, I had to "swipe" my credit card.

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The _______ ___ on my credit card application let me know the APR, the late fee, and the annual fee on my new credit card. It gave me a lot of good information.

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