Name __________________________________
Credit Card Matching:
http://www.creditorweb.com/articles/understanding-credit-card-terms-(glossary).html
1. Annual fee
A. this is a formula used by many card issuers to calculate the
amount of your monthly payment. Payments you made to
the credit card account during the month is subtracted from
the balance, and finance charges
2.
Billing Cycle
B. some credit card companies charge cardholders a once-peryear fee to use the card. It may mean the card offers great
rewards or travel benefits, or it may mean you've got a credit
card for people with poor credit.
3.
Charge back
C. the annual percentage rate is the amount of interest a credit
card balance is charged, annually. If there is no balance on
the card, then there is no interest charge.
4. Adjusted Balance method
D. the length of time between billing statements, which can vary
from one month to the next
5.
Credit line
E. a transaction that gets returned due to a consumer disputing
a purchase made from a merchant; or due to the purchase
being noncompliant with the merchant account rules.
6.
Grace period
F. the amount your credit card company gives you to borrow.
When you spend all of it, you've reached your total available
credit and can't use your credit card until you pay down the
balance.
7.
APR
G. the total cost of using your credit card, expressed in dollars
instead of percentages, including the interest and other fees.
8.
Minimum payment
H. interest rates don't fluctuate based on economic conditions
9. Secured credit cards
I. a specific period of time when you could repay your credit
card balance without having to pay interest or other charges
10. Finance charges
J. the least amount of money you can send to your credit card
company before the due date, to avoid having to pay a late
fee for not making the payment.
11. Fixed interest rate
K. part of the formula used to compute someone's credit card
bill. It's multiplied by the amount of the outstanding credit
card balance to get the interest rate charge for the billing
cycle.
12. Monthly periodic rate
L. require the cardholder to give up collateral in exchange for
receiving and using the card
13. Variable interest rate
M. a clause that states if a cardholder makes their payment late
to a creditor, that credit card company can raise the interest
rate on that credit card
14. Universal default
N. Rates that change when economic indicators change