What Is a Guarantor? Definition, Risks, and How to Limit Liability
Warren Team
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Key terms
- LiabilityA financial obligation or debt owed to another party. Liabilities include mortgages, auto loans, credit card debt, and student loans.
- Limit OrderAn order to buy or sell a stock at a specific price or better. Provides price control but may not execute if the price isn't reached. Contrasts with market orders.
- Over-Limit FeeA fee charged when spending exceeds the credit limit. Now rare due to 2009 CARD Act requiring opt-in for over-limit transactions. Typically $25-35 if applicable.
- Zero LiabilityA fraud protection policy ensuring cardholders aren't responsible for unauthorized charges. Federal law caps liability at $50, but most issuers offer complete zero liability protection.
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