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Quick Credit Lesson #1:
Using credit cards is a good thing. It helps build your credit history so that you can get a mortgage, a car loan, or even a job. However, misusing your credit cards can ruin your credit history. Outstanding balances on your credit cards, over limit fees, finance charges, late fees, will destroy your financial future. Reading fine prints on credit card applications is a necessity. This is the reason why we have compiled a list of terms that would help you get more information on credit card terms.
Annual Fees - A yearly fee charged for the privilege of using a credit card.
Annual Percentage Rate (APR) - The rate charged for one year of credit.
Applicant - The person applying for credit, employment, or some other benefit.
Application Fees (Also called processing program, account set-up or membership fees.) - These can be as much as $250, and are charged to your first statement. Even if you have very bad credit, it’s possible to find a secured card without these fees. Under federal law, some of these fees may be refundable if you cancel your account within a few days after submitting an application or receiving a card.
Asset - Anything you own that has a value.
Authorized Account User - A person authorized by the account holder to use the account.
