Consumer math Ch.7 Review

APR

rate of interest you would pay to borrow a given amount of money for one year

Available Credit

amount of money that can still be used for purchases with Credit Card

Cash Advance

Loan against the available credit on your card

Credit Card

allows you to borrow money from the bank

Credit limit

when a credit has a limit

Credit Report

a summary of all the companies that have extended your credit

Credit Score

a number that shows how well you handle your credit

Finance charge

fee associated with credit

Grace Period

a time during which you can pay off the balance of your card and not incur finance charges

Minimum payment

the smallest amount of money you must pay a lender or credit card issuer by the monthly due date to keep your account in good standing

Revolving Line of Credit

balance is constantly changing