9.02 Credit Card Vocabulary

5. The amount charged each year for use of the account, regardless of the account balance
6. If the account does not carry a balance, this is the interest-free time that the lender allows between the transaction date and the billing date
7. The smallest amount that may be paid to keep the account from going into default.
9. The maximum amount that the issuer will allow to be charged to an account
10. A detailed accounting of a person's financial history, including personal data, credit history, and credit inquiries
11. The cost of using a credit card, comprised of interest costs and other fees
14. Yearly interest rate used to calculate the interest owed on an account
17. The lowest interest rate charged by banks to their most creditworthy customers
18. Use of a credit card to obtain cash
20. The amount charged to the account if the bill is paid after the due date
21. The process of moving an unpaid credit card debt from one issuer to another

1. A report of activity applied to a credit card account over a billing cycle, including balance summary, transaction summary, finance charge summary, and minimum payment due
2. The higher interest rate that may be applied to the account if the account is paid late or is over the credit limit
3. The fee charged for exceeding the credit limit on an account
4. The interest rate that changes over time with the market, based on the Prime Rate
8. The maximum amount that may still be charged to an account before it will be over the limit
9. A number associated with a person that indicates their creditworthiness
12. Determined by adding each day's balance and then dividing that total by the number of days in a billing cycle
13. A low APR offered when an account is initially opened and only applied for a limited amount of time
15. The charge for borrowing money
16. The amount of money the account carried over from the last billing cycle
19. Each use of the credit card by the account holder, also each payment made to the account