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- Joint Liability
Joint liability means that two people who take out a loan or apply for credit together are each liable for repaying the whole amount of the loan. A common example of this is a married couple who take out a mortgage. Should one person in the couple be unable to repay his or her share, the other person is responsible for repaying the whole debt.
- Minimum Payment
The minimum payment is the dollar amount that a credit card company requires you to pay toward your debt each month. This amount is a percentage of the total balance of your account, and usually ranges from $10 to $50. Failure to pay the minimum payment each month means you would be defaulting on the loan; your credit would be cancelled and you would incur further fees and penalties. Of course, it is always advisable to pay the whole balance each month, not just the minimum payment, in order to avoid finance and interest charges.
- Net Worth
Net worth is the total assets of a company or an individual minus the total liabilities of that company or individual. For example, if your assets, such as property that you own, add up to $150,000, and your liabilities, or what you owe, total $100,000, your net worth is $50,000. Your net worth is assessed by potential lenders to determine how much to lend you.
- No Fee
No fee credit cards do not charge an annual fee for the use of the card. They may also allow you to transfer your balance to the card, to obtain a cash advance, and to go over your credit limit without incurring fees. There are usually conditions that must be met to obtain the no fee benefit, such as paying your balance in full each month. Failure to meet these terms can result in penalty rates as high as 30%.
- Online Banking
Online banking allows you to access your account(s) and conduct regular banking transactions, such as making deposits, withdrawals and transfers; from anywhere you have Internet access. In addition to the convenience of banking without leaving your own home or office, online banking enables you to view up-to-date account information at any time, rather than waiting for mailed statements. By monitoring your account online, you can catch discrepancies and correct them quickly, potentially avoiding costly charges.
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(4.80 out of 5)