Misc.
A table of all the important information regarding a specific credit card.
What is a Schumer Box?
An IOU.
What is Credit?
Some credit card companies require this payment once every year.
What is an Annual Fee.
Purchases made with a credit card or payments made to a credit card.
What are Transactions?
A card that is linked directly to your bank account. This card accesses your hard earned money. You are not borrowing money when you use this card.
What is a Debit Card?
What is Earning Power?
The money you pay up front when you purchase an item.
What is a Down Payment?
A law in the United States government restricting credit card companies from charging more than $50 when they are notified by the borrower that the card is lost or stolen.
What is the Truth in Lending Act?
The money added to a bill based on previous unpaid money on a card.
What is the Finance Charge?
The history of a person paying off their debt.
What is Payment History (the biggest factor of your FICO Score)?
Someone who lends money.
What/who is a Creditor?
A type of account/plan where the borrow does not NEED to pay the entire balance, but they must pay at least the minimum payment.
What is a Revolving Charge Account?
Paying off the card balance and paying it off in full.
What are Best Credit Card Practices.
The amount owed (not paid in full) from previous billing cycles.
What is the Previous Balance?
A "grade" that describes how well a person pays off their debt in the eyes of banks in the United States.
What is the FICO Score or Credit Rating?
Someone who borrows money.
What/who is a Debtor?
A plan where you pay off a purchase over time and you take the product home once it is completely paid off.
What is a Layaway Plan?
Usually 2% of the credit card bill you must pay otherwise you will get charged a fee.
What is the Minimum Balance
The sum of purchases (or debits) on an account.
What are New Purchases?
What a person owns.
What is an Asset?
The cost of borrowing money from an organization or person.
What is Finance Charge or Interest
A plan where you pay for a product over time with no interest as long as you pay it off. DON'T FORGET TO PAY IT OFF!
What is a Deferred Payment Plan?
The APR divided by 12.
What is the Monthly Interest Rate
The amount owed on the credit card for the upcoming due date.
What is the New Balance?