Interest
The percentage figure used in calculating interest rates
Interest Rate
A type of credit issued by banks that enables the cardholder to make purchases nationwide (visa and mastercard)
Bank Credit Card
A federal law which attempts to make the granting of credit fair by prohibiting the denial of credit based on the applicant's gender, race, age, marital status, or national origin
Equal Credit Opportunity Act
Credit used for utilities that have been consumed but not yet paid for
Service Credit
The original amount of a loan on which the amount of interest is paid
Principal
Full-service bank offering a variety of banking services including checking and savings accounts, secured and unsecured loans, installment credit, and bank credit cards
Commercial Bank
Truth in Lending Act
A federal law that protects consumers who use credit and makes it easier for them to compare the terms of different credit systems; also known as the Consumer Credit Protection Act
A type of credit issued by banks that enables the cardholder to make purchases nationwide (visa and mastercard)
Bank Credit Card
Rate of interest expressed as a yearly percentage
Annual percentage rate (APR)
A financial cooperative set up to provide savings and credit services to its members, usually within a business or labor union
Credit Union
A set of credit laws drawn up to give states a model to follow in writing their own sets of credit laws
Uniform Commercial Credit Code (UCCO)
Travel and Entertainment Card
An amount of money charged on a yearly basis for the privilege of using certain credit cards
Annual Fee
The customer's preference for a business; usually expressed in regular purchases from the business
Customer Loyalty
State laws governing installment sales of personal property
Retail Installment Sales Act (RISA)
A type of credit account set up to handle one total amount of credit which is to be paid off in regular installments
Installment Credit Account
Interest charged on the outstanding balance of a credit account
Finance Charge
Credit Rating
Legislation written to ban unfair interest rate increases, prevent unfair credit card fees, ensure that contract terms are written in "PLAIN LANGUAGE." and regulate credit card companies' marketing efforts toward young people and college students
Credit Cart Accountability, Responsibility, and Disclosure Act of 2009 (CARD)
A type of loan in which the borrower pledges to the lender some valuable possession as collateral, or security, to guarantee the load will be repaid
Secured Loan