Vocab Crossword Puzzle

The amount you pay each year to have a credit card. Some cards have annual fees and others do not.
The interest rate you will pay each month on the unpaid balances in your account.
The total charges you have made. When you do not pay your account in full, you are charged interest (APR) on the unpaid or “outstanding” balance.
The length of time between billing statements. A billing cycle is usually 30 days, but because of weekends, holidays and number of days in a month, a billing cycle may be as short as 25 days.
The interest rate charged when you take out a cash advance using your credit card. Most credit cards charge a much higher interest rate for cash advances than for regular purchases.
The most you can charge on your credit card. When you receive a new credit card, you are usually issued a set credit limit. You may be charged a fee of up to $40 for trying to go over that limit. In some cases, your credit limit may be increased or decreased.
A grace period is the time you have before a credit card company starts charging you interest on your new purchases. Most cards have a 25-day grace period. If you have an outstanding balance (you did not pay your balance in full), you will not be given a grace period. You will be charged interest on your balance.
Credit is not free! You are being lent money by a bank. When money is lent to you, you are charged for the service. This charge is called the interest or Annual Percentage Rate (APR).
A short term, usually low, interest rate offered by credit card companies to invite you to open an account. This interest rate will go up after a certain amount of time.
A payment that is received after the due date on the bill. Fees for late payments can range from $20 to $35 or more. Late payments may also trigger an increase in the interest rate on your account. NOTE: Some credit card companies will raise your interest rate if you are late with other payments to other credit card companies, even if you were never late with the company that raised the rate!
Shown on your credit card statement, the lowest amount you can pay every month without triggering additional finance charges (besides interest). Paying only the minimum payment means you will end up paying much more in interest. It is the most expensive way to use your credit card.
Often used as a "first credit card" or a way to reestablish your credit rating. This kind of card is "secured" by money you deposit in a special savings account. For instance, if you deposit $500, your credit card limit generally will be for that amount. If for some reason you cannot pay your credit card bills, your credit card bill will be paid from the savings account. You can still be charged late fees and other charges.
Fees charged when you make certain types of transactions using your credit card. Transaction fees are typically taken for cash advances and cash-like transactions, such as money orders and wire transfers.
Federal law requires lenders to tell you about the costs, terms, and conditions at the time they offer you a loan or credit card. But you have to read the fine print on the offer and on anything else they mail you.