Credit Card Vocabulary

A yearly fee that may be charged for having a credit card, independent of how you use the card

• Annual Fee

• Credit Limit

• Authorized User

• Cash Back

A monthly record of your account transactions provided by your credit card company electronically or on paper

• cash back

• interest rate

• revolving credit

• statement

A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees

• Cash Back

• Interest rate

• Schumer Box

• Co-signer

-A type of credit card that requires the borrower to pay the company a fixed, up-front amount of money as collateral, which becomes the credit limit of the card, thereby making it low-risk to the credit card company

• Secured Credit Card

• Unsecured Credit Card

• Disney Card

• Valentine's Day Card

Open line of credit that can be used for any purchases as long as you are under the limit and that's payments vary monthly based on size of the debt

• Secured Card

• Revolving Credit

• Turbo Tax

• Late Payment Fee

A higher interest rate triggered by being late with or missing a credit card payment

• Minimum Payment

• Cash Back

• Penalty APR

• Co-signer

The number of days between a borrower's statement date and when payment is due, often without accruing interest

• Grace Period

• Interest Rate

• Penalty APR

• Joint Account

These offers come in very plain envelopes that, rather than being branded with a bank’s logo or name, bear generic return addresses to “Credit Card Administration” or “Processing Center.”

• Interest Rate

• APR

• Independent Marketers

• Late Payment Fee

The act of transferring debt from one credit card account to another, usually for a fee

• Cash Back

• Interest RAte

• APR

• Balance Transfer

A contract that outlines the terms and conditions for using your credit card

• Credit Karma

• Credit Card Agreement

• APR

• Interest Rate