Credit Card Basics

Front

Having a high credit score will allow lenders to give you lower interest rates.

Back

True

Front

Credit card issuers are required to disclose the terms and fees of credit cards in an easy to read box format is called

Back

Schumer box

Front

Person or organization in need of credit

Back

Borrower

Front

The cost of credit expressed as a yearly interest rate

Back

APR

Front

Maximum dollar amount loaned

Back

Credit Limit

Front

The charge of borrowing money

Back

Interest

Front

Transferring debt from one credit card to another

Back

Balance Transfer

Front

Charged when a cardholder does not make the minimum monthly payment by the due date

Back

Late- payment fee

Front

The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered

Back

Penalty APR

Front

A yearly fee that may be charged for having a credit card.

Back

Annual Fee