Karteikarten
CeFS key terms Topic 6
Karten in diesem Stapel (29)
- 1APRAnnual percentage rate - the cost of borrowing over one year, including the interst charged and any fees
- 2ATMAutomated teller machine also known as a cash machine
- 3Bank RateThe interest rate the Bank Of England uses when it lends money to other banks. This is then used to set interest rates on the loans and savings made to the public
- 4Basic bank accountA current account but does not have a debit card, a cheque book or overdraft facility. Used for direct debits or withdrawing cash
- 5Balance TransferMoving the balance due on one card to another card from a different provider
- 6Cash Verification Value (CVV)3 numbers on the back of the credit or debit card used as a security measure
- 7Cashback cardyou get back a % of the vakue of the transactions you make with the card
- 8Charge cardA credit card that must be repaid in full every month
- 9ChequeA written instruction to the provider (e.g the bank or building society) to pay a specified amount to a specified person or organisation.
- 10Consumer creditAnother term for borrowing.
- 11Cost of borrowingThe total amount a person will be charged including interest and fees for personal loans and credit cards. It must be quoted as the Annual Percentage Rate (APR)
- 12Credit AgreementThe formal agreement setting out the amount borrowed, the interest rate, the repayments schedule
- 13Credit CardA card that allows you to make purchases or withdraw cash. The difference is that it is not your money but you have to repay it back either in whole or in part at the end of each month. you are charged interest on any balance outstanding at the end of the month and there is a limit to how much you can spend in total. The interest you are charged is a lot more than on an ordinary personal loan.
- 14Credit HistoryA record of money borrowed and repaid by a person. The information is held by credit reference agencies. This will be checked when you are looking for a new loan
- 15Credit unionA mutual organisation (owned by its members) that provides a range of financial products (savings accounts and loans to members). Members of a credit union must have something in common e.g work for the same company or live in the same area
- 16Current accountA bank or building society account where people can store their money in the form of an electronic balance and withdraw it to make payments
- 17Debit cardCan be used to withdraw cash, to make face to face transactions and to make payments online or over the phone
- 18Direct CreditAn electronic payment into an account e.g a salary or benefit payment
- 19Direct DebitAn electronic payment out of an account. The amount and frequency of a Direct Debit can vary (unlike a standing order)
- 20EAREquivalent annual rate - the cost of borrowing using an overdraft. The EAR includes only the interest rate as the fees are listed seperately
- 21InterestMoney either paid to an account holder (savings) or by an account holder (on loans). The provider decides on the amount of interest they will pay or charge you.
- 22Interest RateThe amount, expressed as a percentage, that a financial servicesn provider or pays to a saver, or charges a borrower when it lends money.
- 23MortgageA loan taken out over a property, usually over a long term such as 25 years
- 24OverdraftA facility that allows an account holder to withdraw more money than they actually have in their account
- 25payday loanA loan designed to be taken out for only a very short period which charges a very high APR
- 26Personal loanA product that allows someone to borrow a fixed amount over a fixed period at a fixed amount of interest.
- 27Payment allocationThe order in which a card provider uses money paid into an account to pay off the amount outstanding
- 28Standing OrderAn electronic payment out of an account. Standing orders are used to make regular payments of the same amounts
- 29Store cardA card issued by a retailer that the holder can use to make purchases within the store or group of stores. Just like a credit card you pay it off at a later date and you are charged interest
Informationen
- Beschreibung
- Karteikarten am CeFS key terms Topic 6, erstellt von palacey am 19/11/2013.
- Erstellt von
- palacey
- Aufrufe
- 194
- Bewertung