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All terms starting with "R"
Some savings and checking accounts give you differ … moreSome savings and checking accounts give you different interest rates, depending on your account balance. The range indicates how much money you need to have in your account in order to get the corresponding interest rate.
Choosing to repay a debt that was discharged in ba … moreChoosing to repay a debt that was discharged in bankruptcy. This can help your credit rating.
Reaffirmation must be filed with the bankruptcy court. In order to be approved, it 1) should be voluntarily undertaken, 2) must be in your best interest and 3) must not put any undue burden on you or your family.
Reaffirmation must be filed with the bankruptcy court. In order to be approved, it 1) should be voluntarily undertaken, 2) must be in your best interest and 3) must not put any undue burden on you or your family.
Certain credit cards that offer cash-back, air mil … moreCertain credit cards that offer cash-back, air miles, or other rewards.
The interest rate that will be charged on your bal … moreThe interest rate that will be charged on your balances after the Introductory Period is over (if applicable), assuming that you have not gone into default.
If you see "(V)" next to a card's interest rate, it means the rate is variable. A variable interest rate on a credit card is an interest rate that goes up and down with the Prime Rate. The Prime Rate is the interest rate banks give to the most creditworthy borrowers.
The terms Regular Rate and Regular APR are used interchangeably.
If the 'Regular Rate / APR' is a Range (e.g. 10% - 15%), that's because the final rate will be determined after you submit your application, based on your creditworthiness.
If you see "(V)" next to a card's interest rate, it means the rate is variable. A variable interest rate on a credit card is an interest rate that goes up and down with the Prime Rate. The Prime Rate is the interest rate banks give to the most creditworthy borrowers.
The terms Regular Rate and Regular APR are used interchangeably.
If the 'Regular Rate / APR' is a Range (e.g. 10% - 15%), that's because the final rate will be determined after you submit your application, based on your creditworthiness.
Creditors can file for "Relief from Stay", which, … moreCreditors can file for "Relief from Stay", which, if approved by the bankruptcy court, allows them to repossess or foreclose upon the bankrupt debtor's property, or allows them to pursue the debtor's insurance coverage, even if an automatic stay is in place.
A method that allows you to deposit/load money int … moreA method that allows you to deposit/load money into a prepaid card account. Each prepaid card supports a different set of options for loading money, but some of the most common are direct deposit, bank transfer, and via cash at various retail locations.
A policy that pays the fees for a rental vehicle w … moreA policy that pays the fees for a rental vehicle while the insured vehicle is in the shop for repairs that are covered by insurance. Coverage is limited, usually for a maximum daily rate up to a certain number of days.
Insurance that covers the replacement value of cov … moreInsurance that covers the replacement value of covered items reimburses the insured party for the actual amount it will take to repair or replace damaged items. It is therefore usually preferable to "market-value insurance," which only provides for reimbursement up to the amount an item would fetch if sold, or "actual cash value" insurance, which depreciation from the time an item was purchased into account.
When a creditor takes possession of property that … moreWhen a creditor takes possession of property that is in default of payments.
This is the estimate of your account value at reti … moreThis is the estimate of your account value at retirement. Typically, the value of a bank account grows over time. We have assumed an annual return of 0.6%, which is the national average interest rate on banking accounts.
The specific number of dollars in your account when you retire will likely be higher than this estimate, since our estimates are based on today's dollars.
We use today's dollars in order to give you a better feel for the true value. For example, instead of telling you that an item will be worth $1,200 ten years from now, we are telling you that the value of the item in today's dollars will be $1,000, which is much easier to compare against your current income and expenses.
The specific number of dollars in your account when you retire will likely be higher than this estimate, since our estimates are based on today's dollars.
We use today's dollars in order to give you a better feel for the true value. For example, instead of telling you that an item will be worth $1,200 ten years from now, we are telling you that the value of the item in today's dollars will be $1,000, which is much easier to compare against your current income and expenses.
This is the estimate of your account value at reti … moreThis is the estimate of your account value at retirement. Typically, the value of an investment account grows over time. We have assumed an annual return of 5%, based on the 10-year average return for the Vanguard Retirement Income Index.
The specific number of dollars in your account when you retire will likely be higher than this estimate, since our estimates are based on today's dollars.
We use today's dollars in order to give you a better feel for the true value. For example, instead of telling you that an item will be worth $1,200 ten years from now, we are telling you that the value of the item in today's dollars will be $1,000, which is much easier to compare against your current income and expenses.
The specific number of dollars in your account when you retire will likely be higher than this estimate, since our estimates are based on today's dollars.
We use today's dollars in order to give you a better feel for the true value. For example, instead of telling you that an item will be worth $1,200 ten years from now, we are telling you that the value of the item in today's dollars will be $1,000, which is much easier to compare against your current income and expenses.
This is the estimate of your asset value at retire … moreThis is the estimate of your asset value at retirement. The specific number of dollars you will get for your asset when you retire will likely be higher than this estimate, since our estimates are based on today's dollars.
We use today's dollars in order to give you a better feel for the true value. For example, instead of telling you that an item will be worth $1,200 ten years from now, we are telling you that the value of the item in today's dollars will be $1,000, which is much easier to compare against your current income and expenses.
We use today's dollars in order to give you a better feel for the true value. For example, instead of telling you that an item will be worth $1,200 ten years from now, we are telling you that the value of the item in today's dollars will be $1,000, which is much easier to compare against your current income and expenses.
A type of loan that allows you to borrow money, us … moreA type of loan that allows you to borrow money, using the value of a home you already own as collateral. Borrowers may either receive payment in a lump sum or on a monthly basis, and though what they borrow will accrue interest over time, repayment is not required until the borrower sells the home, moves, or passes away. That is the main differentiating factor between a reverse mortgage and a second mortgage, which requires regular monthly payments. Reverse mortgages are structured so as to prevent the value of the loan from exceeding that of the home during the loan's term.
More specifically, there are three types of reverse mortgages: 1) Single-purpose reverse mortgages -- The most affordable type of reverse mortgage, they are offered by state or local government agencies and non-profit organizations and may only be used for a designated purpose, such as home repairs; 2) Home Equity Conversion Mortgages -- Commonly known as HECMs, they are backed by the US Department of Housing and Urban Development, may be used for any purpose, and often charge high upfront costs; and 3) Propriety reverse mortgages -- Essentially the same thing as HECMs, they are offered by private companies and do not have federal backing.
To qualify for a reverse mortgage, you must be at least 62 and have significant equity in your home. Depending on the type of reverse mortgage you take out and the lender you use, there may be other requirements as well.
More specifically, there are three types of reverse mortgages: 1) Single-purpose reverse mortgages -- The most affordable type of reverse mortgage, they are offered by state or local government agencies and non-profit organizations and may only be used for a designated purpose, such as home repairs; 2) Home Equity Conversion Mortgages -- Commonly known as HECMs, they are backed by the US Department of Housing and Urban Development, may be used for any purpose, and often charge high upfront costs; and 3) Propriety reverse mortgages -- Essentially the same thing as HECMs, they are offered by private companies and do not have federal backing.
To qualify for a reverse mortgage, you must be at least 62 and have significant equity in your home. Depending on the type of reverse mortgage you take out and the lender you use, there may be other requirements as well.
To carry a balance to the next billing cycle and p … moreTo carry a balance to the next billing cycle and pay interest on that balance.
A line of credit that allows consumers to pay all … moreA line of credit that allows consumers to pay all or part of an outstanding balance. As the balance is paid, it becomes available to spend again as credit.
A credit card or a home equity line of credit are forms of revolving credit, because you are given a credit limit and as you pay down your balance you get more available credit at your disposal.
A credit card or a home equity line of credit are forms of revolving credit, because you are given a credit limit and as you pay down your balance you get more available credit at your disposal.
A credit card user can charge up to this amount an … moreA credit card user can charge up to this amount and is only required to pay back a fraction of it each month. Anything not paid back becomes part of a user's balance and incurs interest.
Spending up or above your revolving credit limit raises your credit utilization and can hurt your credit score.
Spending up or above your revolving credit limit raises your credit utilization and can hurt your credit score.
Bonuses such as cash back, airline miles, points … moreBonuses such as cash back, airline miles, points, and other rebates offered by financial institutions to card holders or account owners.
In most cases, credit card rewards are earned based on how much you spend on your credit card, while rewards accompanying personal banking accounts can be based on amounts spent with your debit card or / and account service usages, such as how many times you pay bills with online banking.
In most cases, credit card rewards are earned based on how much you spend on your credit card, while rewards accompanying personal banking accounts can be based on amounts spent with your debit card or / and account service usages, such as how many times you pay bills with online banking.
Some rewards credit cards offer a different amount … moreSome rewards credit cards offer a different amount of rewards depending on how much you spend, when you spend it, and the types of purchases you make.
"Base Earn" refers to the minimum amount of rewards that you stand to earn by making a purchase.
Please keep in mind that the amount of time it takes for rewards to be credited to your account varies by card. For example, a rewards credit card with a base earn rate of 1.2% cash back might credit the full 1.2% at the end of each billing period, while another card with the same base earn rate might credit 1% at the end of each billing period and the remaining 0.2% at the end of each year (as a way to incentivize customers to keep their accounts open).
"Base Earn" refers to the minimum amount of rewards that you stand to earn by making a purchase.
Please keep in mind that the amount of time it takes for rewards to be credited to your account varies by card. For example, a rewards credit card with a base earn rate of 1.2% cash back might credit the full 1.2% at the end of each billing period, while another card with the same base earn rate might credit 1% at the end of each billing period and the remaining 0.2% at the end of each year (as a way to incentivize customers to keep their accounts open).
Certain credit cards that offer cash back, air mil … moreCertain credit cards that offer cash back, air miles, points, or other rewards.
Some rewards credit cards give new cardholders ext … moreSome rewards credit cards give new cardholders extra points, miles, or cash back after they make their first purchase or spend above a certain amount within a specified period of time or for some other reason.
Some Rewards Credit Cards limit either the annual … moreSome Rewards Credit Cards limit either the annual number of rewards (i.e. cash back, miles, points, etc.) you can earn and/or the annual number of rewards you can redeem.
Some rewards credit cards offer a different amount … moreSome rewards credit cards offer a different amount of rewards depending on how much you spend, when you spend it, and the types of purchases you make.
"Max Earn" refers to the maximum amount of rewards that you will earn when making certain purchases.
Please keep in mind that the amount of time it takes for rewards to be credited to your account varies by card. For example, a rewards credit card with a base earn rate of 1.2% cash back might credit the full 1.2% at the end of each billing period, while another card with the same base earn rate might credit 1% at the end of each billing period and the remaining 0.2% at the end of each year (as a way to incentivize customers to keep their accounts open).
"Max Earn" refers to the maximum amount of rewards that you will earn when making certain purchases.
Please keep in mind that the amount of time it takes for rewards to be credited to your account varies by card. For example, a rewards credit card with a base earn rate of 1.2% cash back might credit the full 1.2% at the end of each billing period, while another card with the same base earn rate might credit 1% at the end of each billing period and the remaining 0.2% at the end of each year (as a way to incentivize customers to keep their accounts open).
The most common types of rewards (i.e. rewards cur … moreThe most common types of rewards (i.e. rewards currencies) are miles, points and cash back.
-- "Miles" will usually give you either:
Miles on the frequent flyer program of a particular airline (e.g. Delta Miles) OR
Miles on a credit card company's rewards program (e.g. Capital One Miles)
-- "Cash Back" will give you Cash (or a "Rebate") that is a percentage of the purchases you make (e.g. 1% Cash Back)
-- "Points" usually give you either:
"Hotel Points" on the rewards program of a particular hotel chain (e.g. Hilton points) OR
"Points" within a credit card company's rewards program (e.g. American Express Membership Rewards Points), which can usually be redeemed for merchandise, gift certificates, and travel.
-- "Miles" will usually give you either:
Miles on the frequent flyer program of a particular airline (e.g. Delta Miles) OR
Miles on a credit card company's rewards program (e.g. Capital One Miles)
-- "Cash Back" will give you Cash (or a "Rebate") that is a percentage of the purchases you make (e.g. 1% Cash Back)
-- "Points" usually give you either:
"Hotel Points" on the rewards program of a particular hotel chain (e.g. Hilton points) OR
"Points" within a credit card company's rewards program (e.g. American Express Membership Rewards Points), which can usually be redeemed for merchandise, gift certificates, and travel.