Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Consumer Credit
These are study materials for the consumer credit test.
| Term | Definition |
|---|---|
| credit | Credit is the supplying of money, goods, or services at present in exchange for the promise of future payment. |
| member rewards | are perks cardholders receive when they sign up for a credit card, like points, frequent flyer miles, and cash back |
| interest rate | is also known as annual percentage rate or APR. It’s the percentage of your balance you pay as interest. |
| credit score | is the three-digit number that predicts how likely you are to pay back the credit you borrow. In other words, your credit score allows your credit card company to measure the risk it takes by lending you credit. |
| minimum payment | is the lowest amount of money you are required to pay on your credit card each month |
| annual charge | is a yearly charge some credit card companies charge a holder simply for owning a card. |
| balance | is the amount of money you need to pay to reimburse the charges you put on your card. It’s what you owe. |
| credit limit | is the maximum amount of credit you are allowed to borrow. |
| 3 Cs of credit | Character, capacity, capital |
| credit history | Pattern of past behaviors in regard to paying |
| to establish a good credit history: | Pay in full and on time |
| credit bureau | Firm that collects information about credit worthiness of consumers |
| credit score | A numerical rating of credit worthiness |
| good credit score: | High scores, anything above 680 |
| bankruptcy | It is legal relief from repaying certain debts. |
Created by:
grovel
Popular Business sets