| A | B |
|---|
| Late fee | fee you pay the bank or credit card issuer when your monthly payment does not reach them in tme to be put on your account |
| over limit fee | this fee may be charged each time you exceed the credit line given to you |
| cash advance fee | fee the card issuer charges you for taking a cash loan from a bank using your credit card |
| FICO score | numeric value applied to a credit report and is used to predict the likehood that the person will pay his/her debt |
| grace period | the amount of time you have to pay your balance in full before a finance charge is applied to your purchase. |
| annual fee | yearly membership is the fee you pay to have a credit card |
| finance charge | the cost of carrying a balance; it is what you pay a lender for using credit |
| credit report | this is a collection of information and a financial report card that tells lenders about your financial information |
| credit limit | the maximum amount you can charge on the card |
| minimum payment | the amount you must pay on credit card accounts each billing cycle to remain in good standing with your creditor |
| deadbeat | someone who avoids interest and fees by paying her/his account balance in full each month rather than paying the minimum amount and carrying a balance |
| revolver | customer who does not pay her/his balance in full each month |
| usury | The practice of lending money and charging the borrower interest, especially at an exorbitant or illegally high rate |
| universal default | communication among lending institutions means that a late payment on any debt |
| OCC (Office of the Comptroller of the Currency) | is responsible for overseeing credit card policies. Charters, regulates, and supervises over 2,500 national banks and their operating subsidiaries to ensure a safe, sound and competitive national banking system that supports the citizens, communities and economy of the United States |
| ABA (American Bankers Association) | represents banks of all sizes on issues of national importance for financial institutions and their customers |
| debt collectors | businesses that collect debt for creditors |
| bankruptcy | a legal proceeding that relieves you of the responsibility of paying your debts or provides you with protected while attempting to repay your debts |
| due date | the date your payment is due |
| amount due | a term that some banks use synnonmously with "minimum monthly payment". |
| transaction fee | a charge for various credit activities, such as using an ATM machine getting a cash advance, or using a courtesy check. |
