Credit Cards
This yearly charge is what a card company bills you just for having the card
Annual Fee
This word means the extra money you pay for borrowing money
Interest
This habit of paying only the minimum on your credit card can cause your balance to last for years and cost you much more in interest.
Carrying a balance
Buying food you need or gas to get to school is this kind of purchase, not compulsive
Necessary Purchase
This score is used by lenders to decide if they should give you credit and at what rate
FICO Score
This is the time between the statement date and the due date when you can pay without interest
Grace Period
This term describes the smallest amount you are allowed to pay on your credit card bill each month
Minimum payment
This three‑digit number on the back of your card helps prevent fraud when shopping online
Security Code
Name one consequence of missing several monthly credit card payments in a row
Damage to your credit score
Name one of the three major credit bureaus that keep records of your credit history
Equifax, Experian, TransUnion
Name one type of extra fee you might see on your statement besides interest
Late fee, Over-limit fee, Cash advance fee, Balance transfer fee, Foreign transaction fee, Annual fee, Expedited payment fee, Card replacement fee
This word means money you borrow now and agree to pay back later, usually with interest
Credit
Name one step you can take if your credit card number is stolen and there are fake charges on your account
Report the fraud to your credit card company immediately
If you can’t pay your bill in full, this is the very least you must do to avoid late fees
Make the minimum payment
Paying your bills on time mostly affects this part of your financial life
Payment History, Credit Score
This fee is charged when you use your credit card to get cash from an ATM
Cash Advance fee
This term means the total amount of money you still owe on a credit card
Balance
If you lose your credit card, this is the first thing you should do
Contact your credit card company immediately to report it lost and freeze/cancel the card
Buying an expensive item on impulse when you can’t afford it is this kind of purchase.
Impulsive Purchase
Having a long history with one card, paying on time, and keeping balances low helps you build this
Good Credit
This percentage shows how much interest you pay yearly on what you borrow with your card.
Annual Percentage Rate (APR)
This three‑digit number shows lenders how risky it is to lend you money
Credit Score
True or false: It is a good idea to let friends borrow your credit card
False
Give one reason why using a debit card or cash instead of a credit card can be a smart move for teens
It helps you avoid going into debt
Give one reason why building credit in high school or early adulthood is important for your future
It helps you qualify for loans and lower interest rates later