Debit & Credit Cards Vocabulary

debit card

• A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.

  
  

• A plastic card used to make purchases now and pay for them later.

  
  

• card that automatically deducts the amount of a purchase from the checking account of the cardholder

  
  

• card that automatically deducts the amount of a purchase from the credit card account

checking account

• an account on which the account holder can charge repeatedly up to a maximum limit (open-ended credit)

  
  

• an account at a bank against which checks can be drawn by the account depositor.

  
  

• an automatic deposit of a paycheck without having to take a physical check to the bank.

  
  

• an account at a bank against which purchases can be made now and paid for at a later date

APR

• a fee charged to your account when you spend more money than you have.

  
  

• the credit cost of borrowing money

  
  

• a time period during which no finance charges will be added to your account

  
  

• the annual rate of interest that is charged for using credit

  
  

co-signer

• A person who is equally responsible for paying back debt under the credit terms

  
  

• A fee charged to your account when you spend more money than you have.

  
  

• A bank account that accumulates interest

  
  

• a plastic card used to make purchases now and pay for them later.

  
  

credit card fraud

• a bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

  
  

• a plastic card used to make purchases now and pay for them later.

  
  

• intentionally using someone's credit account to steal money or goods

  
  

• to take money out of an account.

  
  

withdraw funds

• To take money out of an account.

  
  

• to transfer funds to another account with interest

• The cost of borrowing money

  
  

• A fee charged to your account when you spend more money than you have.

  
  

credit card

• A plastic card to prove you have bank account

  
  

• A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

  
  

• A bank card that deducts the money from the checking account

  
  

• A plastic card used to make purchases now and pay for them later.

  
  

prepaid debit card

• A plastic card to prove you have bank account

  
  

• A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

  
  

• A card that is loaded with a specific cash amount before you use it. It is not linked to a bank or credit union account.

  
  

  
  

• A plastic card used to make purchases now and pay for them later.

  
  

finance charges

• A time period during which no finance charges will be added to your account

  
  

• A fee charged to your account when you spend more money than you have.

  
  

• The total cost of credit, including interest and transaction fees.

  
  

• The cost of borrowing money

  
  

late payment fee

• Fee associated with having a credit card is a separate fee from interest rate on purchases.

  
  

• Fee charged when a credit card holder does not make the minimum monthly payment by the due date

  
  

• The cost of borrowing money

  
  

• A fee charged to your account when you spend more money than you have.