Types of Credit

7. a yearly fee that may be charged for having a specific credit card, independent of how you use the card.
9. The rate charged for borrowing money usually expressed as a percent of the amount borrowed.
11. a loan used to fund expenses connected with operating a small business.
13. A monthly record of your account transactions provided by your credit card company electronically or on paper.
14. A fee charged if your payment is received after the due date.
15. A loan with an interest rate that does not change over the life of the loan.

1. the cost you pay each year to borrow money, including fees, expressed as a percentage.
2. A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan.
3. A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan.
4. The act of transferring debt from one credit card account to another, usually for a fee.
5. Original amount of money borrowed, separate from interest or fees.
6. 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.
8. the amount of time you have to repay your entire loan.
10. a type of loan issued by a bank, credit union or online lender that you pay back in fixed monthly payments, typically over two to seven years.
12. The amount you owe as the cost of borrowing money.
16. An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest.