Credit card
What is a credit limit?
What is the maximum amount of money that can be charged to a credit card?
what is a poor credit score
300-579
What happens to your credit score when you use a credit card correctly
your credit score increases
why do Credit scores exist?
What is a billing cycle?
The amount of time between statement closing dates is known as this.
what is a fair credit score
580-669
what are the two kinds of rewards cards
cash back cards and travel cards
why were Credit Bureau companies started?
to provide Credit Reports (Experian, Equifax, TransUnion)
What is the due date?
this is the firm deadline by which a payment must be made to avoid being considered late.
what is a good credit score
670-739
what are the benefits of a cash back card?
Cash-back cards pay you back a percentage of the amount of each transaction.
what is a credit report?
large documents with lots of data points: Credit Scores were created to simplify all this data into a single number that is meant to predict your credit behavior
What is the Annual Percentage Rate (APR)?
the interest rate charged if you don’t pay off your credit card balance in full each billing cycle.
what is a very good credit score?
740-799
what are the benefits of a travel card
Travel rewards credit cards give you points or miles for each dollar you spend; you can redeem those rewards for free flights, hotel stays and more.
what is one example of something not found on your credit report
What is an annual fee?
The yearly fee charged for owning a specific credit card.
what is a exceptional credit score
800-850
what does a secure fraud protection do?
Helps protect against credit card fraud. If someone ever makes an unauthorized purchase on your card, the credit card company will immediately remove the charge from your card if you call and report it.
who owns 90% of the credit market
FICO