Credit Card %
What is a good credit card %?
14-18%
What is minimal payment?
The least amount you can pay toward paying off your balance.
What is APR?
Annual Percentage Rate
What is a good thing about credit cards?
Various build credit, points, cash back
Name a company that has their own credit card.
Various, Lowes, Walmart, etc.
What is a bad credit card %?
19-27%
What is credit limit?
The maximum amount you can charge on your credit card.
How do you calculate monthly percentage rate?
Divide by 12
What is a bad thing about credit cards?
Various hard not to keep a balance, interest paid is money lost, etc.
What ALLPS teacher ran track in college?
Mr. Keylor, Mr. Coleman
If your APR % was 18%, what would your monthly percentage be?
1.5%
What is the best way to use a credit card?
Purchase things and pay it off every month
What does introductory rate mean?
You get a low interest rate for a little while before you are charged the big one.
What is the average credit card debt in America?
Around $6,000
What is second most populated city in Arkansas?
Fayetteville
If my balance is $1000 and my APR is 12%, how much would I be charged the first month of interest?
What does zero liability mean?
If someone charges things on your card you are not financially responsible.
What happens if you are late on your payment?
You get charged a late fee, usually around $39-$60.
If you keep a balance on a credit card when you are charged interest what happens to that interest?
Various, the credit card company gets it, it is added to your balance, they steal it, etc.
What is the most populated city in Arkansas?
Little Rock
You are charged 2% on balance transfers, how much is that if you had a $123,000 balance?
$2,460
What does balance transfer mean?
Various
What is one of the most important things to think about when getting a credit card?
Low Interest Rate
In order for you to get a loan for a house, car, or anything else that you want. What does the bank want to see?
That you have borrowed money and payed it back on time.
What is the third most populated city in Arkansas?
Fort Smith