Choosing A Card Account
Putting money in a card and using that same money when purchasing something. Example: VISA card
What is a prepaid card?
What's another name for a debit card?
What is a check card?
Where does your money come from?
It is borrowed from the card provider
Help lenders determine the credit risk associated with loaning you money
What are FICO scores?
The maximum amount you can spend on the card
What is credit limit?
Money is directly transferred from the cardholder’s checking account when performing any transaction
What is a debit card?
Any money you charge on a debit card comes right out of what immediately?
What is your checking account?
What if you miss the payment deadline?
You will need to pay a penalty charge
What is the range of FICO scores?
What is 300 to 850?
The once-a-year cost of owning a credit card
What is an annual fee?
Where the money you spend is borrowed from the card provider rather than from your personal account
What is a credit card?
What should you be aware of when choosing a debit card?
What are potential fees?
What is security?
If you lose cash, it’s gone. If you lose your card, you can cancel it.
A good FICO score is what?
What is 700 to 749?
A penalty charged by your credit card company for not paying your bill on time
What is a late payment fee?
What does it mean to stick to your budget?
Don't be tempted to make purchases you can't afford
What are the potential fees for a debit card?
What are ATM transactions and overdraft charges?
Why should you review your monthly statements?
To ensure you don’t spend beyond your credit limit and it helps you stay on budget
An excellent FICO score is what?
What is 750 or higher?
Interest rate charged to a customer during the initial stages of a loan
What is an introductory rate?
What is a credit card?
How do you check your funds?
What is online and at an ATM?
Why is it not a good idea to withdraw cash from a credit card?
It comes with a fee and a higher rate of interest without an interest-free period
What are the three main credit bureaus?
What are Experian, TransUnion, and Equifax?
A fee representing the cost of credit or the cost of borrowing money
What is a finance charge?