Timing & Credit Cards
Interest & Options
Credit Rating Factors
Types of Accounts
Watchful Eyes
100
The smallest amount you can pay toward your debt, by the statement due date, set by the credit card company.
What is minimum payment
100
The yearly cost that some companies charge for using their card.
What is Annual Fee
100
The amount of time you have had credit determines this.
What is credit history
100
An account where you save money that usually offers compound interest.
What is a savings account
100
To avoid mishaps you are encourages to read this print and pay your bills on time.
What is "Fine" print
200
When you fail to pay the minimum required payment on the due date, this is what your account and payment are considered.
What is Delinquent account or Past Due payment
200
The debt ceiling the company places on your account. This becomes the maximum amount that can be owed; including purchases, cash advances, finance charges, and fees. This amount cannot be exceeded.
What is Credit Limit
200
The timeliness with which you pay your bills establishes this.
What is Bill Pay History
200
An account from which you often withdraw to make payments that usually offers no interest.
What is a checking account
200
In addition to an annual cost, this may be a charge for reward programs or paying your bill by phone.
What is Additional Fees
300
The dollar amount that includes any unpaid balance, new purchases and cash advances, finance charges and fees. It is updated real time.
What is Account Balance
300
An immediate loan, in the form of cash, from the credit card company.
What is cash advance
300
When companies review your credit to see if they want to extend you a line of credit this is called.
What is a "Credit Hit" What is the difference between and "soft" and a "hard" hit?
300
This account often requires a high minimum balance and restricts the number of payments or withdrawals, but offers higher interest.
What is a money market account
300
In the past this time frame, of a few days, was given to pay late and avoid additional charges.
What is Grace period (Now even just a slightly late payment will usually result in an additional fee.)
400
The portion of your credit line that is unused.
What is Available Credit
400
When you withdraw a cash advance, this is the time frame are you charged interest and assessed a transaction fee.
What is immediately
400
Ratio of the amount of money owed to available credit.
What is Lending Ratio
400
A fixed rate of interest on an amount of money you agree not to touch for a specific period of time (i.e. 3 months, 6 months, 1 year, 2 years).
What is a Certificate of Deposit (CD)
400
This type of card feature low credit limits and require extra fees when issued. After the fees become part of the balance, very little is left to spend and consumers often go over their limit resulting in more fees.
What is "Fee Harvesting" card
500
The amount you pay over and above your debt to have credit, including interest plus service and transaction fees.
What is Finance Charge
500
The amount of interest charged on your unpaid balance, plus all annual fees.
What is Annual Percentage Rate (APR)
500
Name 2 of the 3 primary credit bureaus.
What are Experian, TransUnion, Equifax
500
This is a personal account that focuses on saving for retirement and lets you deposit tax-free funds, until you withdraw.
Individual Retirement Account (IRA) no penalty after 59 1/2 Roth IRA Pay taxes at time of investment, not on earning. If it is provided by a company (that matches funds) it is called a 401K
500
This refers to the clause Creditors often have to automatically increase your interest rate if you make a late payment.
What is the Universal Default clause
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