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 and the current balance on the credit card.
What is a credit card statement?
100
This states any additional fees and the higher interest rate that may be charged if a payment is late.
What is the late payment warning?
200
When a consumer has passed an initial credit check.
What is pre-approved?
200
Transferring debt from one credit card account to another.
What is a balance transfer?
200
A record of a consumer's credit history.
What is a credit report?
200
The cardholder's liability for unauthorized credit charges under the Truth in Lending Act.
What is $ 50.00?
200
The total amount paid in fees and interest charges for the current year.
What are year-to-date totals?
300
A loan which the borrower must repay the amount in a specified number of equal payments.
What is closed-end credit?
300
The interest rate charged right after a credit card account is opened.
What is introductory rate?
300
A number that summarizes an individual's credit record and history.
What is a credit score?
300
The maximum amount of charges allowed to the account.
What is the credit limit?
300
A summary of the interest rates on the different types of transactions, account balances, the amount of each, and the interest charged for each type of transaction.
What is the interest charge calculation?
400
A plastic card that is electronically connected to the cardholder's bank account.
What is a debit card?
400
The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered.
What is penalty APR?
400
An example of positive credit card use.
What is paying card balances in full every month, paying card bills on time, applying for only cards that are needed, keeping track of all charges, and checking monthly card statement for 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?"
400
An estimate of how long it can take to pay off a credit card balance if only the minimum payment is made each month, and an estimate of the total amount paid, including interest, if the bill is paid in 3 years (assuming no additional charges are made).
What is a minimum payment warning?
500
A line of credit established in advance so that the borrower does not have to apply for credit each time new credit is desired.
What is open-end credit (or revolving credit)?
500
Two types of transaction fees for a credit card.
What are balance transfer fees and cash advance fees?
500
What are two results of not using credit cards properly?
What are a negative credit history, and a lower credit score?
500
This is the first step to receiving a credit card.
What is comparing different credit card offers and determining which card to apply for?
500
Credit card issuers must list these separately on the monthly statement.