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Presentation on theme: "www.creditcardcritic.com/a dvice/glossary.htm www.creditcardcritic.com/a dvice/glossary.htm."— Presentation transcript:

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2 dvice/glossary.htm dvice/glossary.htm

3 Annual Fee: A fee charged to the cardholder by the card issuer Finance Charge: Amount of interest charged on the account for a particular billing cycle

4 Minimum Payment: The smallest amount of money that must be paid by the cardholder for the billing cycle Balance Transfer: Moving a balance from one credit card to another

5 Billing Cycle: The days between the last statement and the current statement APR: Annual percentage rate of the finance charge

6 Grace Period: Time period during which a cardholder may pay off his or her balance without incurring a finance charge Late Payment Fee: Fee charged to a cardholders for being delinquent with their payments

7 Basic/Classic Card: Usually comes with a low credit limit Gold Card: Offers more benefits and a higher credit limit than a basic/classic card

8 Platinum Card: Typically issued to people with higher incomes Rebate Cards: Cardholder earns points or money which may be applied later in the purchase of certain goods and services

9 The time allowed to pay your balance without being charged a finance charge is the ______ A. Billing Cycle B. Grace Period C. Balance Transfer D. Minimum Payment

10 The smallest amount of the balance a cardholder is required to pay is called the _____ A. Minimum Payment B. Balance Transfer C. Grace Period D. Billing Cycle

11 A fee charged to a cardholders account once a payment is overdue is called _____ A. Annual Fee B. Cash Advance C. Finance Charge D. Late Payment Fee

12 What is the fee charged by the card issuer for being a card holder? A. Annual Fee B. Cash Advance Fee C. Finance Charge D. Late Payment Fee

13 The act of moving whole or a partial balance of a card to another credit card is called _____. A. Cash Advance B. Finance Charge C. Annual Fee D. Balance Transfer

14 When lenders look at your total income and total debt are looking at your _____. A. Minimum Monthly Payment B. Finance Charge C. Debt to Income Ratio D. Late Payment Fee

15 The days between the last statement and the current statement cycles is called ____. A. Billing Cycle B. Grace Period C. Balance Transfer D. Minimum Payment

16 (debt, credit cards, mortgages, etc) (Credit Score)

17 Financial experts state people should not spend more than 20% of their net income (after taxes) on short-term credit purchases

18 oosecard/checklist.htm (How to choose the credit card right for you- and are you ready for a credit card) oosecard/checklist.htm lculator/Default.aspx (How long is it going to take to pay off your credit card?) lculator/Default.aspx


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