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6.03 Vocabulary
| Term | Definition |
|---|---|
| Annual fee | A yearly fee that may be charged for having a credit card |
| Annual percentage rate (APR) | The cost of credit expressed as a yearly interest rate |
| Balance transfers | The act of transferring debt from one credit card account to another |
| Credit card | A plastic card that you can use to access a line of credit that has been established in advance |
| Credit limit | The maximum dollar amount that can be borrowed |
| Introductory rate | The APR charged during the credit card's introductory period after a credit card account is opened |
| Late payment fee | Fee charged when a credit card holder does not make minimum monthly payment by the due date |
| Over-the-limit fee | Fee charged if the credit card account balance goes over the set credit limit |
| Penalty APR | The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered |
| Pre-approved | When someone has passed an initial credit history check |
| Returned payment fee | Fee charged if the cardholder makes a payment but does not have enough money in that account to cover the payment |
| Schumer Box | Terms and fees of a credit card in an easy to read box on all credit card applications a solicitations |
| Variable-rate APR | An APR that may change depending on other factors |
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brooke.burgess
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