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- Secured Credit
A credit card with secured credit means that the borrower, in order to qualify for the card, has to put up collateral--usually cash--in an amount equal to the credit limit on the card. This type of credit card is useful for people who need to establish or rebuild their credit rating, as they demonstrate their ability to make timely payments and keep their balance under the credit limit, while the lender has no risk.
- Secured Loan
A secured loan is a loan that is protected by some sort of asset or collateral. This collateral may be the item purchased with the loan, such as a car or a home. If the borrower fails to repay the loan, the lender can put a lien on the property until the loan is repaid in full. Secured loans are low-risk for the lender, though the stakes can be high for the borrower. They are useful if you should need to borrow a large sum of money quickly.
- Security
The credit card security code, or CSC, refers to the three or four digit number printed on the back of the card. The purpose of the CSC is to make if safer for you to use the credit card when making purchases over the phone or on the Internet. Because the CSC is printed only on the card, not on mailed statements or on receipts, it helps ensure that the person making the purchase has not stolen the credit card number but has the actual card in hand.
- Service Charge
Service charge is a fairly broad term for a fee that the credit issuer places on an account. There are several ways to incur a service charge, including being late with a payment or going over your credit limit. While a service charge is usually a flat fee related to the specific offense, it might also be a percentage of the balance owing on your account.
- Statement
A financial statement is a record of your account generated by a bank, a credit card company or other financial institution. Usually a statement is prepared monthly, and it shows your account balance at the beginning of the billing cycle, all withdrawals, deposits, charges and credits to the account during the cycle, and the closing balance. If the statement is for a loan account, it will also show the minimum payment that you owe for that cycle and the date it is due.
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(4.80 out of 5)