Definitions
The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
What is Credit?
A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
A financial institution licensed to receive deposits and make loans.
What is a Bank?
A service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device.
What is Mobile Banking?
A summary of how you've used your credit card for a billing period.
What is a Credit Card Statement?
The length of time during which the introductory annual percentage rate is in effect.
What is an Introductory Period?
A numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual.
What is a Credit Score?
A bank account that earns interest.
What is a Savings Account?
What is the biggest difference between a bank and a credit union?
What is "a bank is a for-profit institution and a credit union is a non-for-profit institution."
The smallest amount your credit card issuer will accept toward your credit card balance each month.
What is a Minimum Payment?
A perk issuers offer to new cardholders, usually to incentivize opening an account and using it to make purchases.
What is an Introductory Rate?
(T/F) A credit card is a payment card that can be used in place of cash to make purchases where the money for the purchase must be in the cardholder's bank account at the time of a purchase.
What is False.
Any charges imposed by financial institutions on their personal and business customers for account set-up, maintenance, and minor transactional services.
What are Bank Fees?
A specialized computer that makes it convenient to manage a bank account holder's funds.
What is an ATM?
By increasing your monthly payment, what happens to the length of time to pay off your bill and the amount of interest charged?
What is Decreases?
The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.
What is Identity Theft?
The maximum amount of credit that a financial institution or other lender will extend to a debtor.
What is a Credit Limit?
A deficit in a bank account caused by drawing more money than the account holds.
What is an Overdraft?
How does a bank earn a profit?
What is "Providing funds to borrowers on interest or additional charges on services like checking account maintenance, online bill payment, ATM transaction."
The start and end dates of your credit card activity for this billing cycle.
What is a Statement Period?
Money taken out of your account.
What is a Withdrawal?
What are travel points or cash back classified as?
What are Rewards/Incentives?
A type of loan that lets you borrow money up to a pre-set limit.
What is a Line of Credit?
(T/F) The percentage of Canadians who trust their bank to protect their personal information: 87%.
A transaction that has been approved, but not posted to your credit card account yet.
What is a Pending Transaction?