Credit Terms and definitions A to D
Annual Fee - the total fee charged for using a credit card in one calendar year.
Annual Percentage Rate - The rate of interest a credit card company charges each year on open balances.
Balance - the total amount of outstand monies owed to a creditor.
Balance Transfer - moving an outstanding credit card balance from one creditor or company to another.
Budgeting - creating a financial map or plan for incoming and outgoing monies earned and spent.
Credit Cards - plastic cards wth individual imprints which allow you to pa on credit instead of with cash.
Chapter 7 bankruptcy - Where an arbitrator or court resolves debts by selling off valuable assets and property so the Chapter 7 filer can be granted a new financial slates. The court often takes assets such as cars, homes or anything which holds value. Assets are auctioned or sold to pay off debt owed to a creditor.
Debt - debt is money owed to a credit card or lending company.
Apply for a credit card should only be done once the applicant has an undrstanding of credit, credit terms, understands the things to watch out for and of course comparing multiple credit card offers. Incentive applications are not a god thing as theat type of application process is not organic. Consumers and students should not apply for credit cards to get a free giveaway, a giveaway which usually becomes a throwaway.
Slow and steady wins the race here, with both applying and spending. It’s advised to pay credit cards off in full each month when possible, thus avoiding interest charges and saving money for the card holder. When it is not possible to pay off the entire balance each month, it is then advised to pa double the minimum payment due.
Student credit cards.com @ October 21, 2007