An arrangement at a bank for financial transactions, including making deposits and withdrawals.

Amortization is the time required to repay a loan (or other liability) in gradual installments.

The cost of borrowing money over one year, including interest charges.

An amount charged for something once a year. For instance, many credit cards have an annual fee that you must pay once a year to keep a card active.

A written order tied to your chequing account that you fill out with a specified amount of money to pay a person or business. The cheque, once signed, directs your bank to pay the money out of your account.

An account which allows you to write cheques against deposited funds, or against a loan linked to the account, such as a line of credit.

Money loaned to an individual or organization. Credit can come in many forms including loans, mortgages, and credit cards.

A card that is used to make purchases or borrow money. Credit cards can be issued by financial institutions, retail stores, and other businesses and authorize you to repeatedly borrow money or buy products and services on credit, up to a certain limit. A minimum payment must be made on the balance each month. Interest is charged on any balance not [..]

Is a track record of your debt payments and whether they were paid by the due date. Your credit history helps lenders determine your ability to repay debts on time and may affect what your interest rate will be if you apply for a loan.

The maximum amount of money you can spend using a line of credit without paying the full or part of the balance owed. For example, if your maximum credit card limit is $2,500, you cannot spend more than $2,500 without paying off the balance in full or part.