ACT 3910- Final Exam Guide - Comprehensive Notes for the exam ( 82 pages long!)

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4 Dec 2017
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NSU
ACT 3910
FINAL EXAM
STUDY GUIDE
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SET 1
Annual fee
Charged by credit cards companies for the privilege of using their card.
Bankruptcy
A legal process in which a court takes over some of the finances of a person who is unable to pay
his or her bills.
Cash advance
The ability to use a credit card to withdraw cash from a bank or ATM (rather than just
purchasing a good or a service).
Credit card
Provides individuals with revolving open-end credit, which they can draw from repeatedly up to
some pre-set limit.
Credit check
Performed by potential creditors to access a person's credit report to examine the individual's
credit history and the ability to repay.
Credit provider
An entity, such as a bank, that agrees to make a certain amount of credit available to a
cardholder.
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Debt consolidation
Combining several small accounts into a one larger account that may be able to be financed at a
lower rate.
Grace period
Time in which credit card companies do not charge interest on purchases. Typical grace periods
are 20 days from the time of the statement is "closed", or the bill is calculated and mailed.
Overdraft protection
A feature that allows a person to "overdraft," or exceed the credit limit. (Overdraft protection is
also a feature of checking accounts, where it protects someone in the event that a check is written
for more money than is in the account.)
Pawnbroker
Holds items in exchange for loans that run for 30 days to as much as three months.
Payday lending
A lender provides cash advances at high cost to customers who provide a check dated for some
time in the future.
A consumer can purchase goods and pay for them later -- even over time.
What can a consumer do with a credit card?
The pizza cost Reese $30.39!
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