Credit
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Annual Fee | A yearly fee.
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| Annual Percentage Rate | Describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate
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| Credit | An agreement between a buyer and a seller in which the buyer receives the good or service in advance and makes payment later, often over time and usually with interest.
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| Credit Card | A card entitling the owner to use funds from the issuing company up to a certain limit. The holder of a credit card may use it to buy a good or service
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| Credit Limit | The maximum amount of money one is allowed to borrow.
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| Due Date | The date by which a debt or other payment must be paid in order not to be late
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| Introductory Rate | An introductory rate is an interest rate charged to a customer during the initial stages of a loan. The rate, which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply.
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| Late Payment Fee | A late payment fee (a late charge) is charged to a borrower who misses paying at least their minimum payment by the payment deadline
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| Minimum Payment | The minimum payment is the lowest amount of money that you are required to pay on your credit card statement each month.
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| Over Limit Fee | A fee charged by a credit card company if a credit card user exceeds the card’s credit limit.
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| Penality | Penalty annual percentage rates (APRs) are high interest rates that can be triggered by the slightest infraction such as just one payment that is received a day late.
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| Pre-approved | An evaluation of a potential borrower by a lender that determines whether the borrower qualifies for a loan from the lender, or the maximum amount that the lender would be willing to lend.
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| Returned Payment Fee | A charge a credit card company may assess to a customer's account if the customer attempts to pay a credit card bill with a check that is returned unpaid.
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Created by:
Neha Ali
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