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Credit Cards
10 cards·by lawrenceleah
goods, services, or money is
Credit
person or organization who has the resources to provide the individual with a loan
lender
person or organization that is receiving the money from the lender.
borrower
price of money
Interest
a loan which the borrower must repay the amount in a specified number of equal payments.
Closed end credit
extended as a line of credit established in advance so that the borrower does not have to apply
for credit each time new credit is desired.
Open end credit
pre-approved credit which can be used for the purchase of goods and services now and payment of
them later.
Credit Card
maximum dollar amount that can be charged on the card.
Credit Limit
ability and willingness to pay the money back.
Creditworthiness
cost of credit expressed as a yearly interest rate.
Annual Percentage Rate (APR)