Credit Cards
What is a credit card?
What is a card you charge items to that you pay back later?
What is a debit card?
What is a card which takes money directly out of your bank account to pay for items?
What is a savings account?
What is a bank account primarily used for saving money?
What is a CVV code?
What is 3 or 4 numbers used for added card security.
Debit cards take money directly from your...
What is bank account?
What is a checking account?
What is a bank account primarily used for spending money?
What is interest?
What is a percentage of money a lender charges a borrower?
Interest is charged on your credit card bill because you borrowed from the bank.
Interest is accumulated in your savings accounts because the bank is borrowing from you.
What happens if I spend more money than is in my bank account?
What is I will get charged a fee?
What happens to your money when you put it in a bank?
What is the money is lent out to other people?
What is a credit score?
What is...
A number that represents how likely you are to pay off a loan based off whether you've paid loans off in the past. Bad credit scores make it harder to find a place to rent and harder to buy a car or house.
What does PIN stand for?
What is "Personal Identification Number"?
Which account typically has more interest, a savings or checking account?
What is savings account?
Some banks offer High Yield Savings Accounts with higher interest rates.
A 5% APY interest rate means you will make 5% of what is in your account every year. For example, if I put $1000 in an account with a 5% APY, I will make $50 on it. Free money!
What is considered a good credit score?
What is 670 or above.
Over 800 is considered "excellent" and makes it more likely for you to get a loan.
How much money can you spend with a debit card?
What is as much money as is in your bank account?
What is a high-yield savings account??
What is...
a savings account with higher interest rates.
A 5% APY interest rate means you will make 5% of what is in your account every year. For example, if I put $1000 in an account with a 5% APY, I will make $50 on it this year. Free money!