Fees
A yearly fee that may be charged for having a credit card
What is "annual fee"?
a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit
What is "credit card"?
when a customer has passed an initial credit check
What is "pre-approved"?
The lowest amount a customer can pay on their credit account per month to remain in good standing with the credit card company
What is "minimum payment"?
a fee that is charged if the cardholder makes a payment but does not have enough money in that account to cover the payment
What is "returned payment fee"?
a plastic card that is electronically connected to the cardholder’s bank account
What is "debit card"?
Credit card issuers are required to disclose the terms and fees of credit cards in an easy to read box format
What is "Schumer Box"?
The maximum amount of charges allowed to the account
What is "credit limit"?
a fee that is charged if the account balance goes over the set credit limit.
What is "over the limit fee"?
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 "credit card statement"?
Cost of credit expressed as a yearly interest rate
What is "Annual Percentage Rate (APR)"?
A lower than usual APR that you get for a set period of time when you open an account
What is "introductory rate"?
a fee that is charged when a cardholder does not make the minimum monthly payment by the due date
What is "Late Payment Fee"?
A line of credit established in advance; borrower does not have to apply for credit each time new credit is desired. An example of this is a credit card
What is "open end credit"?
The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered
What is "penalty APR"?
The act of transferring debt from one credit card account to another
What is "balance transfer"?