Interest and Fees
Paying your balance in full each month helps you avoid this
Interest
Money you borrow that MUST be paid back
Debt
Money you borrow to pay for things that are usually expensive
Loan
This happens when interest is charged on both your balance AND previous interest
Compound interest
A loan used to pay for college
A Student Loan
The date your payment must be made by
Due Date
This fee is charged when you miss your due date
Late fee
This three digit number (300-850) represents your creditworthiness
Credit Score
This tool automatically pays your bill each month
Automatic Payments
This period allows you to avoid interest if you pay your balance in full.
Grace Period
This type of card pulls money directly from your bank account
Debit card
Money set aside for unexpected expenses
Emergency Fund
Many credit cards charge this yearly cost just for having the card
Annual Fee
What does APR stand for?
Annual percentage rate
The amount you currently owe on your credit account
Balance