Terms Used for Credit/Crédito: Los Terminos

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Title:
Terms Used for Credit/Crédito: Los Terminos
Physical Description:
Fact Sheet
Creator:
Harrison, Mary N.
Torres, Nayda I.
Publisher:
University of Florida Cooperative Extension Service, Institute of Food and Agriculture Sciences, EDIS
Place of Publication:
Gainesville, Fla.
Publication Date:

Notes

Acquisition:
Collected for University of Florida's Institutional Repository by the UFIR Self-Submittal tool. Submitted by Melanie Mercer.
Publication Status:
Published
General Note:
"First published: January 1994. Revised: December 2005."
General Note:
"FCS 5046"

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Source Institution:
University of Florida Institutional Repository
Holding Location:
University of Florida
Rights Management:
All rights reserved by the submitter.
System ID:
IR00002598:00001


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FCS 5046 Terms Used for Credit/Crdito: Los Terminos1 Mary N. Harrison and Nayda I. Torres2 1. This document is FCS 5046, one of a series of the Department of Family, Youth and Community Sciences, Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida. First published: January 1994. Revised: December 2005. Please visit the EDIS Web site at http://edis.ifas.ufl.edu 2. Mary N. Harrison, Professor, Consumer Education, and Nayda I. Torres, Professor, Family and Consumer Economics, Department of Family, Youth and Community Sciences, Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida, Gainesville, 32611. The Institute of Food and Agricultural Sciences (IFAS) is an Equal Opportunity Institution authorized to provide research, educational information and other services only to individuals and institutions that function with non-discrimination with respect to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations. U.S. Department of Agriculture, Cooperative Extension Service, University of Florida, IFAS, Florida A. & M. University Cooperative Extension Program, and Boards of County Commissioners Cooperating. Larry Arrington, Dean Credit Terms to Learn Special words are used to describe credit. It is important to know the meaning of the words listed below: 1. Credit Card Number: The number listed on the front of your credit card. It identifies your account. Each credit card account has a different number. (Protect this number. Do not give it over the telephone to people you do not know or use it for identification. Anyone with this number, your name, and the card's expiration date can charge purchases against your account.) 2. Expiration Date: The date after which the credit card cannot be used. (After a card has expired always cut it up and throw it away.) 3. Authorized Signature: The signature of the person to whom the card was issued. That person should sign the card, using exactly the same name as given on the front of the card. (Example: Roberta E. Good, not R.E. Good) (Always sign a credit card as soon as you receive it.) 4. Credit Limit (credit ceiling or credit line): The total amount of debt that you can owe to the card issuer. When you have charged this total amount, you must pay part of the debt before charging anything else. (If you exceed the credit limit you will be charged an "Over-the-credit-limit fee." If you need more credit, ask for a higher limit. If you tend to overspend, ask for a low credit limit and do not go over it.) 5. Previous Balance (unpaid balance): Amount of debt you did not pay last month. 6. Billing Date (Sometimes called "Closing Date"): Last day of the month on which any transactions are reported. Any payments and/or purchases made after this date will be on the next month's bill. 7. Annual Percentage Rate (APR): The cost of credit stated as a yearly rate. It is based on the unpaid balance of the debt. The higher the APR the more the credit will cost. (Shop for a low APR.) 8. Monthly Periodic Rate: The cost of credit stated as a monthly rate. It is based on the

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Terms Used for Credit/Crdito: Los Terminos 2 unpaid balance of the debt. (It is the APR divided by 12 months.) 9. Minimum Payment: The smallest payment you are expected to make on the debt. If you pay less than the minimum payment you may be charged a late fee or other penalties. (Always try to pay more than the minimum.) 10. Due Date: The last day on which a payment must be received by the credit office to avoid a penalty. Payments must be mailed early enough to reach the creditor before the due date. 11. Finance Charge: A fee you pay for using credit. When a credit card bill is not paid in full or on time a finance charge is added. (Finance charges are figured by multiplying the amount owed, length of time and the rate. This is usually the average daily balance X daily rate X number of days.) 12. Grace Period: The time when no finance charge is added. This is usually the time between the billing date and due date if the bill is paid in full before the due date. (Not all credit cards offer a grace period. Some charge a finance charge from date of posting. Choose a credit card with a grace period if you pay your bills in full monthly.) 13. Late Fees: A fee that can be added to a bill if payment is made after the due date. (Make sure payments are received before due date to avoid a late fee. Late fees vary among credit cards.) 14. Cash Advance: Some credit cards can be used to borrow cash. Extra fees are charged for cash advances. 15. Annual Fee: The yearly fee charged by some companies for a credit card. Different cards charge different fees. (Shop for a card with a low or no annual fee. Some cards are offered free for one year and then a fee is charged.) 16. Average Daily Balance: The average amount owed each day during the billing month. This is the most common method used in determining finance charges on credit cards. (Add the amount you owe each day then divide by the number of days.) 17. Posting Date: The date a purchase is charged or billed against your account. Trminos de Crdito Hay palabras especiales que se usan para describir el crdito. Es importante saber el significado de las palabras descritas a continuacin: 1. Nmero de la Tarjeta de Crdito: Los nmeros que aparecen en el lado del frente de la Tarjeta de Crdito. Ellos identifican su cuenta. Cada cuenta tiene un nmero diferente. (Proteja este nmero. No se lo d a personas que no conozca por telfono ni lo use para identificacin. Cualquier persona que tenga este nmero, su nombre y la fecha de expiracin de la tarjeta puede hacer cargos en su cuenta.) 2. Fecha de Expiracin: Despus de esa fecha la tarjeta de crdito no se puede usar. (Despus que la tarjeta ha expirado, crtale y dehagase de ella.) 3. Firma Autorizada: Firma de la persona quien recibi la tarjeta. Esa persona debe de firmar la tarjeta usando el nombre que aparece impreso en la tarjeta. (Ejemplo: Roberta E. Bien, no R.E. Bien) (Siempre firme la tarjeta de crdito tan pronto la reciba.) 4. Lmite de Crdito ( linea de crdito): La cantidad total de deuda que usted le puede deberle a la compaa quien le di la tarjeta. Cuando usted ha cargado hasta ste lmite, usted tiene que pagar parte de la deuda antes de poder cargar cualquier otra cosa. (Si usted excede al lmite de crdito le cobrarn una tarifa por sobrepasar su lmite de crdito. Si usted necesita ms crdito, pida un limite mas alto. Si usted tiene la tendencia de gastar de mas, pida un lmite de crdito bajo y no lo sobrepase.) 5. Balance Previo (Balance que no ha pagado): Cantidad de la deuda que usted no pag el mes anterior. 6. Fecha de Factura (aveces se le llama "Fecha de Factura"): Ultimo da en el mes en el cual las transacciones son reportadas. Cualquier pago y/o

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Terms Used for Credit/Crdito: Los Terminos 3 compras hechas despus de esta fecha aparecern en su estado de cuenta del prximo mes. 7. Tasa de Porcentaje Anual: El costo del crdito establecido como tarifa anual. Est basado en el balance de la deuda que no ha pagado. Mientras ms alta la tasa, major ser el costo del crdito. (Seleccione una Tasa de Porcentaje Anual baja.) 8. Tarifa Peridica Mensual: El costo del crdito establecido como una tarifa mensual. Est basado en el balance de la deuda a pagar. (Es la Tasa de Tarifa Anual dividida por 12 meses.) 9. Pago Mnimo: La cantidad mnima que usted tiene que pagar. Si usted paga menos que esta cantidad mnima, le pueden cobrar un cargo por pago tardo u otra penalidad. (Siempre trate de hacer pagos mayores que el mnimo.) 10. Fecha en que Debe Pagar: El ltimo da en el cual el pago se debe de recibir en la oficina de crdito para evitar la penalidad. Los pagos se deben enviar con suficiente tiempo para que le lleque al acreedor antes de la fecha de pago. 11. Cargo de Financiamiento: Tarifa que usted paga por usar crdito. Cuando la factura de la tarjeta de crdito no se paga en su totalidad o a tiempo el cargo de financiamiento es aadio. (Los cargos por finaciamiento se calculan multiplicando la cantidad adeudada por la tarifa. Por lo general es el balance promedio diario X tarifa diaria X el nmero de das.) 12. Perodo de Gracia: Perodo durante el cual ningun cargo por financiamiento es aadido. Por lo general es el tiempo entre la fecha de la factura y la fecha de vencimiento si va a pagar la deuda en su totalidad. (No todas las tarjetas de crdito proveen un perodo de gracia. Algunas cobran gastos de financiamiento desdae el da que entra el cargo en su cuenta. Seleccione una tarjeta de crdito con perodo de gracia su usted paga los cargos totales mensualmente.) 13. Cargo Por Pago Tardo: Cargo que se le puede aadir a su factura si el pago se hace tarde despus de la fecha en que debe de pagar. (Asegrese que el pago es recibido antes de la fecha indicada para envitar el cobro de un pago tardo. Los cargos por pagos tardo varian dependiendo de la tarjeta de crdito.) 14. Avances de Contado: Algunas tarjetas de crdito se pueden usar para obtener dinero en efectivo. Por usar los avances de contado usted tendr que pagar tarifas adicionales. 15. Tarifa Anual: Tarifa anual que algunas compaas cobran por proveerle acceso a la tarjeta de crdito. Las compaas cobran diferentes tarifas. (Adquiera una tarjeta que no cobre tarifa anual o si la cobra que los cargos sean bajos. Algunas compaas dan el primer ao gratis pero despus del primer ao cobran la tarifa.) 16. Balance Promedio Diaro: La cantidad promedio que adeuda diariamente durante el mes. Este es el mtodo que se usa para determinar los cargos de financiamiento en las tarjetas de crdito con mas frecuencia. (Sume la cantidad que adeuda cada ao, luego divida por el nmero de dias.) 17. Fecha en que el Cargo Entra en su Cuenta: El da que el cargo fue aadido a su cuenta.