Credit Card Facts
Words to Know
Credit Card Agreements
Credit Card Fees
Random
100
22% APR is considered Good OR Bad credit score?
What is Bad.
100
The least amount of your balance that you must pay to the credit card company each month.
What is minimum payment
100
Name given to the period that a credit card holder has to pay off their credit card before running up interest charges.
What is Grace Period?
100
Sal has an unpaid balance of $1000 with an interest rate of 1.5%. What is his monthly finance charge?
(Remember balance X interest = finance charge)
What is $15.
100
What is the Credit Limit?
What is $2,100.
200
A person who applied with you for a credit card account is
A co-applicant or co-signer
200
A person who applies with you for a credit card account.
Who is a co-signer.
200
Amount of interest (in dollars) paid by a credit card holder who pays off their balance every month
What is $0?
200
Muhammad has an unpaid balance of $2,500 with an APR rate of 24%. What is his monthly percentage rate?
What is 2%.
200
What is the minimum payment due?
What is $35.
300
The cash borrowed from a credit card account
What is a cash advance.
300
The total amount of money you owe on your account.
What is balance.
300
The non-fee factor that matters most to credit card holders who pay off their credit card every month.
What is Rewards?
300
Ethan has an unpaid balance of $5,025 with an APR rate of 6%. What is his monthly finance charge?
What is $25.13.
300
What is the APR for purchases?
What is 19.80%.
400
True or False. A person who receives an APR rate of 22% is considered to have a GOOD credit rating.
What is false.
400
A fee that you pay each month on any unpaid balance.
What is a finance charge/interest charge.
400
What is one reason your APR may go up when you have a credit card?
a late payment, if you go over credit limit, or if you have a payment returned.
400
Cameron has a balance of $983 on his Macy's charge card. The card has an APR of 24% plus a late charge of $35. What is Cameron's total fee if he pays his card one day after the due date?
What is $54.66.
400
What is one month's finance fee for purchases?
What is 1.65%.
500
Three letter acronym synonymous with interest rate
What is APR?
500
The most money you can borrow on a credit card.
What is the credit limit.
500
The minimum number of years required when listing current and previous addresses on a credit card application.
What is 3 years.
500
Elizabeth has an unpaid balance of $325 on her charges and a $500 cash advance she received. The APR for charges is 18% and APR for cash advances is 24%. How much does Elizabeth owe in fees this month?
What is $14.88.
500
What is one month finance fee for cash advances?
What is 1.81%.