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| Annual Fee | A yearly fee that may be charged for having a credit card, independent of how you use the card |
| Balance Transfer | The act of transferring debt from one credit card account to another, usually for a fee |
| Credit Card | A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest |
| Credit Card Agreement | A contract that outlines the terms and conditions for using your credit card |
| Credit Limit | The maximum amount that may be borrowed on a credit card |
| Interest Rate | The rate charged for borrowing money usually expressed as a percent of the amount borrowed |
| Introductory APR | The typically low rate charged during the introductory period after a credit account is opened, after which the regular, typically higher, APR will apply |
| Late Payment Fee | A fee charged if your payment is received after the due date |
| Authorized User | A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill |
| Cash Advance | A credit card service that allows cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank, typically at a high interest rate or for a fee |
| Grace Period | The number of days between a borrower's statement date and when payment is due, often without accruing interest |
| Minimum Payment | The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender |
| Penalty APR | A higher interest rate triggered by being late with or missing a credit card payment |
| Revolving Credit | Open line of credit that can be used for any purchases as long as you are under the limit and that's payments vary monthly based on size of the debt |
| Schumer Box | A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees |
| A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees | The amount you owe as the cost of borrowing money |
