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
100
A person who puts his or her name on a loan with a person, offering to make payments if that person cannot do so in the future
What is a cosigner?
200
A plastic card that is electronically connected to the cardholder's bank account but has a Visa or MasterCard logo.
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
200
A three to four digit code on the back of a credit card that acts as additional identification
What is CVV code (Card Verification Value)
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
Excellent credit score range.
What is 700 - 850?
300
The maximum amount of charges allowed to the account.
What is credit limit?
300
The 16-19 digit number on the front of a credit card that identifies it individually
What is the credit card number?
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 this.
What is the cardholder's signature?
400
Special offers available for spending money on certain credit cards
What are Rewards?
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 their checking account to cover the monthly payment.
What is returned payment fee?
500
The length of time poor credit behavior stays on a credit report.
What is 7 years.
500
TransUnion, Equifax, and Experian
What are the three major credit bureaus?
500
The date in which the credit card is no longer valid