It’s More Than a Piece of Plastic
1. Annual fee
Payment made once a year for owning a credit card.
2. Annual percentage rate (APR)
Is a yearly percentage rate that is charged on good credit card balances.
3. Credit line
Maximum amount of money that can be charged on one credit card account
4. Cash back/rewards
Cash back or rewards are things credit card companies do so that people will pay for more things using their credit card, sometimes it benefits the user but only if they use it correctly.
5. Balance
In credit, it refers to the amount of money the person owes.
6. Minimum payment
Least amount of money that you must pay to your credit card company each month to make sure your account is in good standing.
Payment made once a year for owning a credit card.
2. Annual percentage rate (APR)
Is a yearly percentage rate that is charged on good credit card balances.
3. Credit line
Maximum amount of money that can be charged on one credit card account
4. Cash back/rewards
Cash back or rewards are things credit card companies do so that people will pay for more things using their credit card, sometimes it benefits the user but only if they use it correctly.
5. Balance
In credit, it refers to the amount of money the person owes.
6. Minimum payment
Least amount of money that you must pay to your credit card company each month to make sure your account is in good standing.
Consumer Credit Laws
1. What is the purpose of the Fair Credit Reporting Act?
It helps to ensure that information contained in a credit report is accurate and that it will be used in a confidential manner. Inaccurate information must be corrected or deleted, a credit bureau must also delete adverse information that is more than seven years old and information on bankruptcy that is more than ten years old.
2. What is the purpose of the Equal Credit Opportunity Act?
It's enforced by The Federal Trade Commission, and it stops credit discrimination on the bias of race, color, religion, national origin, sex, marital status, age, or because you get public assistance. Creditors can't use any of the above when deciding to give credit or when setting the terms of your credit.
3. What is the purpose of the Fair Credit Billing Act and the Electronic Fund Transfer Act?
They help people resolve mistakes on credit billing and electronic fund transfer account statements. They also describe procedures for correcting several types of errors including unauthorized charges.
4. What is the purpose of the Fair Debt Collection Practices Act?
It established rules related to the collection of a debt. For example a third party collector is prohibited from:
It helps to ensure that information contained in a credit report is accurate and that it will be used in a confidential manner. Inaccurate information must be corrected or deleted, a credit bureau must also delete adverse information that is more than seven years old and information on bankruptcy that is more than ten years old.
2. What is the purpose of the Equal Credit Opportunity Act?
It's enforced by The Federal Trade Commission, and it stops credit discrimination on the bias of race, color, religion, national origin, sex, marital status, age, or because you get public assistance. Creditors can't use any of the above when deciding to give credit or when setting the terms of your credit.
3. What is the purpose of the Fair Credit Billing Act and the Electronic Fund Transfer Act?
They help people resolve mistakes on credit billing and electronic fund transfer account statements. They also describe procedures for correcting several types of errors including unauthorized charges.
4. What is the purpose of the Fair Debt Collection Practices Act?
It established rules related to the collection of a debt. For example a third party collector is prohibited from:
- Using abusive language to coerce a consumer into making payments.
- Calling at unreasonable hours (before 8 a.m. and after 9 p.m.) or making excessive calls.
- Threatening to notify the employer or friends that the consumer has not paid his bills.
- Using false pretenses to gain entry to the home with the intent to identify or take something of value.
- Attempting to collect more than what is owed.
- Sending the consumer misleading letters that may appear to be from a government agency or a court of law.