Credit Cards - Vocabulary Test

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1.
1 point
When someone has passed a credit check.
2.
1 point
Extended as a line of credit established in advance so that the borrower does not have to apply for credit each time credit is needed.
3.
1 point
The act of transferring debt from one credit card account to another.
4.
1 point
The cost of credit expressed as a yearly interest rate.
5.
1 point
Fee charged when a credit card holder does not make the minimum monthly payment by the due date.
6.
1 point
The price of money.
7.
1 point
An index that represents the interest rate most banks charge their most credit-worthy customers.
8.
1 point
A plastic card which looks like a credit card but is electronically connected to the cardholder's bank account.
9.
1 point
The person or organization that is receiving money from a lender.
10.
1 point
Fee charged if the credit card account balance goes over the set credit limit.
11.
1 point
The maximum dollar amount that can be charged to a credit card.
12.
1 point
A form requesting information about a person's ability to repay credit.
13.
1 point
A number that summarizes an individual's credit record and history.
14.
1 point
A yearly fee that may be charged for having a credit card.
15.
1 point
A loan which the borrower must repay the amount in a specified number of equal payments.