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All terms starting with "I"
When someone steals your personal information and … moreWhen someone steals your personal information and uses it to commit fraud, typically for economic gain.
This is a fee that you might get charged when you … moreThis is a fee that you might get charged when you have not used your account for any transactions over an extended period of time (e.g. 90 days).
Inactivity fees are usually charged on a monthly basis (in addition to a standard monthly fee, if applicable) until you make a transaction.
Inactivity fees are usually charged on a monthly basis (in addition to a standard monthly fee, if applicable) until you make a transaction.
An amount paid by Person A to Person B that compen … moreAn amount paid by Person A to Person B that compensates for a particular loss suffered by Person B.
In general, an inquiry is when a third-party (e.g. … moreIn general, an inquiry is when a third-party (e.g. creditor, lender, employer, landlord, etc.) asks to see your credit report from one of the three major credit bureaus (i.e. Experian, Equifax, TransUnion). More specifically, there are two types of inquiries: hard inquiries and soft inquiries.
A hard inquiry is when the third party requests your credit report with the intent of making a lending decision, as would be the case when a bank is evaluating a credit card or loan application. Hard inquires are listed on your credit reports, and multiple inquiries can be perceived as desperation for credit, which will signal risk to creditors and may result in temporary credit score damage. However, your FICO Score, the most commonly used credit score, considers multiple inquiries from mortgage, auto loan or student loan companies within a short period of time as being a single inquiry. FICO differentiates these types of inquiries from those for, say, credit cards because they understand that multiple applications are merely part of the process of shopping around for the best loan rates.
Soft inquiries are inquiries related to pre-qualification (e.g. direct mail credit card offers) as well as those used by employers and landlords to assess the risk of future applicants.
A hard inquiry is when the third party requests your credit report with the intent of making a lending decision, as would be the case when a bank is evaluating a credit card or loan application. Hard inquires are listed on your credit reports, and multiple inquiries can be perceived as desperation for credit, which will signal risk to creditors and may result in temporary credit score damage. However, your FICO Score, the most commonly used credit score, considers multiple inquiries from mortgage, auto loan or student loan companies within a short period of time as being a single inquiry. FICO differentiates these types of inquiries from those for, say, credit cards because they understand that multiple applications are merely part of the process of shopping around for the best loan rates.
Soft inquiries are inquiries related to pre-qualification (e.g. direct mail credit card offers) as well as those used by employers and landlords to assess the risk of future applicants.
A credit agreement that allows you to repay a bill … moreA credit agreement that allows you to repay a bill in regular payments over a specified period of time.
A quick decision (usually within minutes) as to wh … moreA quick decision (usually within minutes) as to whether your credit application got approved.
Instant approval does not mean that you are guaranteed an approval. It just means that you will receive a quick response in regards to the status of your application.
Instant approval does not mean that you are guaranteed an approval. It just means that you will receive a quick response in regards to the status of your application.
Similar to an Overdraft Fee, the NSF or Insufficie … moreSimilar to an Overdraft Fee, the NSF or Insufficient Funds Fee is charged when your account is overdrawn (even as a result of automatic transactions) and the bank chooses NOT to honor the payment. Covering the cost of overdrafts is done at the banks' discretion, which means they don't guarantee they will always pay even if you're account is in good standing and you've opted into the Overdraft Service.
This fee varies, depending on the terms of the checking account, but is typically the same amount as the Overdraft Fee (with little variation). Many banks offer several types of overdraft protection (See Overdraft Agreement) to help avoid this fee.
This fee varies, depending on the terms of the checking account, but is typically the same amount as the Overdraft Fee (with little variation). Many banks offer several types of overdraft protection (See Overdraft Agreement) to help avoid this fee.
This is a term generally used to describe the fee … moreThis is a term generally used to describe the fee that a merchant is charged when a customer pays with plastic in a store.
More specifically, an interchange fee is the fee a merchant's bank must pay a customer's bank when certain forms of payment (usually credit cards and debit cards) are used to purchase goods. In such a transaction, the merchant's bank is known as the "acquiring" bank, and it must pay the customer's bank (or "issuer" bank) a processing fee for converting a charged payment into a cash deposit in the merchant's checking account. The network of the card used also takes a cut of the merchant payment.
Varying interchange fees often make certain payment types (like cash) less expensive to process than others (like credit cards).
For example: If a consumer buys a soda from a gas station with a credit card, the owner of the gas station must pay a fraction of the soda's cost to the consumer's bank for processing the payment.
More specifically, an interchange fee is the fee a merchant's bank must pay a customer's bank when certain forms of payment (usually credit cards and debit cards) are used to purchase goods. In such a transaction, the merchant's bank is known as the "acquiring" bank, and it must pay the customer's bank (or "issuer" bank) a processing fee for converting a charged payment into a cash deposit in the merchant's checking account. The network of the card used also takes a cut of the merchant payment.
Varying interchange fees often make certain payment types (like cash) less expensive to process than others (like credit cards).
For example: If a consumer buys a soda from a gas station with a credit card, the owner of the gas station must pay a fraction of the soda's cost to the consumer's bank for processing the payment.
Monies billed on the balance of a credit card or l … moreMonies billed on the balance of a credit card or loan, usually expressed as a percentage of the amount of money owed. The specific rate of interest is referred to as an Annual Percentage Rate (APR).
Many loans allow you to sign up for an interest-on … moreMany loans allow you to sign up for an interest-only payment option at the time you take the loan out, giving you the freedom to either make a full payment -- both interest and part of the principal -- or pay only interest in any given month. Interest only-loans tend to have higher interest rates than conventional loans given the increased risk they represent for lenders. The higher rate, coupled with the fact that it takes longer to pay off a loan when only paying interest during certain months, means interest-only loans also generally wind up being more expensive for borrowers in the long run.
This type of payment structure is helpful for consumers who may not be able to truly afford a purchase at the time they make it but expect their financial situation to change in the near future.
This type of payment structure is helpful for consumers who may not be able to truly afford a purchase at the time they make it but expect their financial situation to change in the near future.
The fee that you will get assessed on the purchase … moreThe fee that you will get assessed on the purchases that you make while traveling outside the U.S. OR while purchasing items over the internet from merchants that are located outside the U.S.
A one time fee sometimes assessed by credit card c … moreA one time fee sometimes assessed by credit card companies when you sign up to access your credit card account over the Internet.
The number of months that you can enjoy the "Intro … moreThe number of months that you can enjoy the "Introductory Rate" of your new credit card or loan, assuming you do not go into default.
If an "Introductory Period" is listed as a range (for example, 3 - 9 months), the final period will be determined by the credit card company after you submit your application. Their decision will be based on the strength of your credit history.
If an "Introductory Period" is listed as a range (for example, 3 - 9 months), the final period will be determined by the credit card company after you submit your application. Their decision will be based on the strength of your credit history.
In order to appeal to new customers, a credit card … moreIn order to appeal to new customers, a credit card or loan might have a low or zero-percent introductory rate. This rate lasts for the duration of the introductory period, so long as you do not go into default.
At the end of the introductory period, the introductory rate generally rises to the regular rate. If you go into default during the introductory period, you might skip directly from the introductory rate to the Penalty APR.
At the end of the introductory period, the introductory rate generally rises to the regular rate. If you go into default during the introductory period, you might skip directly from the introductory rate to the Penalty APR.
This credit insurance makes your loan payments if … moreThis credit insurance makes your loan payments if you lose your job due to no fault of your own, such as a layoff.
Also known as Involuntary Loss of Income Insurance.
Also known as Involuntary Loss of Income Insurance.
Future income includes any income that you are exp … moreFuture income includes any income that you are expecting to receive at a future date. Some examples are social security benefits and pension income which are contingent upon age and retirement, respectively.
The primary home is the main residence where you l … moreThe primary home is the main residence where you live.
The first six digits of a Visa or MasterCard accou … moreThe first six digits of a Visa or MasterCard account number, used to identify the institution that issued the card to the card holder.
Previously known as the Bank Identification Number.
Previously known as the Bank Identification Number.