Credit
advantages
advantages
What type of payment do you use for a credit card
Buy now, pay later
How do you withdraw cash, and where?
At ATMS using the cards pin
What two digits on your credit card identification number identify the type of industry that issued the card?
The first two digits
What do rates vary on?
you need two answers
Rates vary and depend on creditworthiness- dept, income, credit score, and payment history
Any two work
What is the replacement fee if you lose your debit card?
$5
What is the liability limit for unauthorized charges if card is stolen?
$50
What is the interest?
There is no interest charge
A delinquency payment is a late loan, how long can you be late before it is considered a delinquent payment?
1-3 months
What affects credit rating?
Missed payment
What happens if account number is stolen?
Money can be withdrawn
What are the three types of rewards you can receive?
Cash, travel, and gift rewards
How much does the IRS charge for federal tax fees for debit cards(money) compared to credit card(percentage)?
Debit is anywhere from $2.25 - $3.95
Credit is anywhere from 1.87% - 2% of total payment
About how much money do credit card companies spend to try to acquire you as a customer?
$80
What's the APR on purchase
(anything withing 1% of it)
14.99%
How long is the grace period on debit cards?
There is no grace period
When do you need to pay by to avoid interest charges, and how long is the grace period?
The due date and 25 days
What type of payment is used for a debit card?
Buy now, pay later
(double jeopardy)
What was the first credit card used for?
New York restaurants
Sample APR for cash advantages
(anything withing 1% of it)
21.99%
What do atms charge?
They charge out-of-network banks
What are some reward programs that will acquire points and discounts. Give two examples
Flyer miles, hotel loyalty program, etc.
What is an advantage of traveling with a debit card?
They are readily accepted, meaning, When you are out of town or out of the country, debit cards are usually widely accepted
Adding up all the credit card debit in the US, about how far are we in debt?
1,004,000,000,000
(1.04 trillion)
(anywhere within 1 billion)
What is interest charged on and what's bad about the billing cycle after?
Unpaid monthly balances. The APR carries over to balances from one billing cycle to the next.
What could make withdrawing money costly?
Using your debit card for ATM transactions may be costly if the ATM is not affiliated with your institution.