Scenarios
You can't pay the bank back for all of your credit bill. What should you do?
Call the bank and let them know. Pay as much as you can.
How can you get a credit card? How old do you have to be to get a credit card?
Go to the bank and open an account and apply. 18.
Having too many credit cards can hurt your credit score. True or false?
True
Define credit.
Credit is the ability to obtain goods, services, or money now with the promise to pay for them later. It is based on a trust that the borrower will repay the money owed to the lender, often with the addition of interest or fees.
How many days are in a normal year?
365
When getting an email that is looks like your bankers email but you're not sure and it has a link. Do you click that link?
When using your own money from a bank account to pay, what is this, Debit or Credit?
Debit
Maxing out your credit card balance makes you look risky to lenders and lower your credit score. T or F?
True
Define APR.
Annual Percentage Rate- how much interest your credit card charges
Where is blood made in the human body?
The liver
Scam or real: A random unsaved number texts you "Confirm purchase of $999 for Apple iPhone 17 Pro Max, click the link"
SCAM
Why is it a bad idea to only make the minimum payment for credit statements?
Because the bank charges you interest everytime you pay only the minimum amount you own.
True or False? When using a credit card, you can make purchases overseas without the need to get the different currency in cash?
True!
Define Federal Deposit Insurance Corporation (FDIC).
Insures your money in bank up to 250,000
How many countries does the continent of Africa has in total?
54 countries
Nendo is wondering how she can check all of her purchases at the end of the month. Can can she check that?
She can check her monthly statements that is provided to her either through mail or on her mobile banking app
True or false: you cannot pay more than $1000 of your credit bill every month.
False!
Define interest
The price of borrowing money
What animal has caused the most deaths in the world?
Mosquito
Gloria is considering becoming a co-signer for her boyfriend who wants to get a credit card. What is a risk of this?
If he doesn't pay, she has to. Can affect her credit score.
False
False
Define credit score.
A numerical value that represents your creditworthiness based on information such as paying things back on time.
What is the smallest country in the world?
Vatican city