Credit Benefits
Having a credit card can help you build credit?
TRUE
Credit cards help you establish credit! Which leads to your credit score reflective of credit history
What is a secured credit card?
-used as an ordinary credit card where you put money as collateral. You set credit limit and pay off within cycle
-beginning card to establish credit
What is an unsecured credit card?
-does not require you to put money as collateral for approval. Does not have credit limit based on collateral, based by issuer
What does APR stand for?
Annual Percentage Rate
What is the minimum amount that a credit cardholder is required to pay each month to keep the account in good standing, as outlined in the credit card terms?
Minimum Payment
What is a common credit card perk or benefit alongside building credit?
-Reward points and Cash backs
-Convenient access of money when making purchase(s)
TRUE or FALSE
U.S. Bank offers 1 secured credit card?
FALSE. U.S. Bank offers more than one secured credit card
U.S. Bank Shopper Cash Rewards® Visa Signature® Card is NOT an unsecured credit card?
FALSE. U.S. Bank Shopper Cash Rewards® Visa Signature® Card is unsecured!
What does it mean when a credit card offers an introductory APR?
An introductory APR is a low or 0% interest rate offered by credit card issuers for a limited time after opening an account. After this period ends, the APR typically increases to a higher, standard rate based on the cardholder's creditworthiness and market conditions.
What feature of some credit cards allows cardholders to avoid paying interest on purchases if the entire balance is paid off by a certain date each billing cycle?
Grace Period
How can having credit make it easier for lenders/financial institutions or auto loan purchases?
-lenders refers to credit score and credit history to see how financial responsible you are
-Auto loans required credit (check credit history and score to see if youre eligible for car purchase)
What are the benefits of the U.S. Bank Secured Visa® Card?
-Beginning credit card with No annual fees
-able to view credit score via mobile app or online banking. choose payment due date. 24/7 convenient access to bank account via mobile app
TRUE OR FALSE
Unsecured credit cards do not offer rewards or cash backs?
FALSE. Unsecured credit cards do offer various different rewards and cash backs!
How does the APR on a loan differ from the nominal interest rate, and why is the APR often higher?
The nominal interest rate is the basic rate charged on a loan, while the APR includes the nominal rate plus any additional fees or costs associated with the loan (like origination fees, closing costs, etc.), making the APR a more comprehensive measure of the loan's cost and often higher than the nominal interest rate.
In credit card agreements, what term refers to the maximum amount a cardholder is authorized to borrow on their credit card?
Credit Limit
How can credit protect someone's identity
- ID Navigator
What U.S. Bank secured card offers 5% cash back on the first $2000 in combined eligible purchases within 2 chosen categories?
U.S. Bank Cash+® Secured Visa® Card
TRUE OR FALSE
U.S. Bank Visa Platinum Card offers low introductory APR on first purchases to help manage finances
TRUE.
When do you receive a Penalty APR?
A credit card issuer can assess a penalty APR when you make late payments, your payment is returned because of insufficient funds or a closed account, or you exceed your credit limit.
What term refers to the fee charged when a credit card balance exceeds the approved credit limit?
Overlimit Fee
Which U.S. Bank Card has 6% cash back of your choice two retailers?
U.S. Bank Shopper Cash Rewards Visa Signature Card
Which U.S. Bank Secured credit card offers 4X on dining and takeout, including your favorite restaurant delivery services?
U.S. Bank Altitude® Go Secured Visa® Card
Which credit card provides premium travel rewards?
U.S. Bank Altitude® Reserve Visa Infinite®Card
In the United States, which federal act requires lenders to disclose the APR to borrowers?
The Truth in Lending Act (TILA)
What term describes the flat fee charged by some credit cards for transferring a balance from one card to another?
Balance Transfer Fee