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Personal Credit Card Glossary
Annual Fee - Fee charged by a bank or financial institution for the administration of an account.
Cash Advance - Loan taken out, in cash, within the line of credit of a credit card.
Credit - Arrangement for the deferred payment of a loan or purchase.
Credit Line - Maximum amount of credit to be extended to a customer.
Interest Rate - Percentage of a sum of money charged for its use.
Prime (Rate) - Interest rate that banks and financial institutions charge their most credit-worthy customers (such as large corporations.)
Variable Interest Rate - Percentage of a sum of money charged for its use, where the percentage can change and is linked to another variable (such as another interest rate.)
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