A yearly fee that may be charged for having a credit card.
What is an annual fee?
100
The cost of credit expressed as a yearly interest rate.
What is the annual percentage rate (APR)?
100
An individual's ability and willingness to pay money back.
What is creditworthiness?
100
Outlines important information about a credit card, including transactions the cardholder has made during that billing cycle & the current balance on the credit card.
What is a credit card statement
200
A plastic card that is electronically connected to the cardholder's bank account.
What is a debit card
200
Transferring debt from one credit card account to another.
What is balance transfer?
200
A record of a consumer's credit history.
What is a credit report?
200
The cardholder's liability for unauthorized credit card charges under the Truth in Lending Act.
What is $50.00
300
A person or organization who has the resources to provide an individual with a loan.
Who is a lender?
300
The interest rate charged right after a credit card account is opened.
What is an introductory rate.
300
Excellant credit score range.
What is 700 - 850
300
The maximum amount of charges allowed to the account.
What is credit limit?
400
When a consumer has passed an initial credit check.
What is preapproved?
400
The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered.
What is a penalty APR?
400
3 examples of positive credit card use.
What is paying in full, paying on time, applying for only card that are needed, keeping track of all charges, checking for statement errors.
400
To increase credit card safety, the back of the card should include the cardholder's signature and this.
What is "Please See ID?"
500
This charge is assessed when a cardholder does not make the minimum monthly payment by the due date.
What is a late payment fee?
500
This fee is charged if the cardholder doesnot have enough money in his account to cover the monthly payment.
What is returned payment fee?
500
The length of time poor credit behavior stays on a credit report.