Appendix A:Glossary of Key Terms
Affinity card. A credit card that’s usually offered through a partnership between an organization, such as a university or a sports franchise, and a financial lending institution. The organization’s logo appears on the card.
Algorithm. A complex set of calculations that analyzes a set of data to produce a credit score. (See also credit score; FICO score.)
Annual fee. A yearly fee that some credit card companies charge for the use of a credit card. The fee is usually billed to the consumer’s credit card account. Annual fees range from $29 up to $500 or more for elite cards.
Annual percentage rate (APR). The actual yearly cost of borrowing money. The APR includes fees and any additional costs and is applied each ...
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