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Credit Card Vocab
Terms in this set (25)
3D image that verifies a real card from a counterfeit
The bank that sponsors the card
16-19 digit number that acts as the ID for the credit card - every card number is unique
Date the card was created (not all cards have one)
The date the card will no longer be valid - card is useless after this date
Customer service number for the card/issuing bank
The credit card company that manages the card (Visa, MasterCard, Discover, American Express)
The full name of the person (or business) that owns the card
Strip of information a card machine reads to identify one card from another
The area you are supposed to sign so no one else can use your credit card
Card Verification Value (CVV)
Anti-fraud code that further protects your card (often used to purchase items over the phone or online)
A microchip that creates a one-time unique code when used at a chip-enabled register. This code adds an additional layer of fraud protection to your card.
Terms & Disclaimers
This is a long list of terms that you will agree to if you decide to complete
the application. In mail-in applications, this will usually be at the back. In online applications, it may be accessible through a link somewhere on the page. It could also be in a scroll-down list, right before you virtually sign your application.
This will include information about your job and your annual income. A credit card company will want to know where you work, how long you have been there, and how much you make before taxes.
This is money that you get back after buying certain things on your card. It will usually be 1-5% of the purchase price, and it can be used on new purchases once you pay off your balance.
These will give you money back for purchases you make at a gas station.
These are usually tracked as points that you can cash in for airline tickets in the future.
Each ticket will hold a certain point value (usually in the hundreds), so you have to rack up a lot of
them to be able to get a free plane ticket.
The higher the annual fee, the harder it will be to avoid credit card debt. Make sure that your annual fee is something that you can afford consistently, even if that means giving up some rewards.
Intro Rates vs. Long Term Rates
0% APR is great, but not if it is followed by a 29% APR. Figure out what the intro period is for each card before falsely getting your hopes up.
Annual Percentage Rate (APR)
This is the annual percentage rate, or the amount of interest that is charged on a balance over the course of a year.
Balance Transfer Fee
This is a fee you pay if you move the balance of your card to another card.
This is a fee you may have to pay to apply for a card.
Cash Advance Fee
This is a fee that you have to pay when you withdraw money from the card at an ATM. It is usually around 2% of the money withdrawn.
This is a fee charged to you in the event that you do not make your payments on time.
Over the Limit Fee
This is a charge for times when you go over your maximum credit card limit.
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