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CREDIT CARD KNOWLEDGE
CREDIT CARD STATEMENTS
100
Outlines important information about a credit card, including transactions the cardholder has made during that billing cycle and the current balance on the credit card.
What is a credit card statement?
100
This states any additional fees and the higher interest rate that may be charged if a payment is late.
What is the late payment warning?
200
The cardholder's liability for unauthorized credit charges under the Truth in Lending Act.
What is $ 50.00?
200
The total amount paid in fees and interest charges for the current year.
What are year-to-date totals?
300
The maximum amount of charges allowed to the account.
What is the credit limit?
300
A summary of the interest rates on the different types of transactions, account balances, the amount of each, and the interest charged for each type of transaction.
What is the interest charge calculation?
400
To increase credit card safety, the back of the card should include the cardholder's signature and this.
What is "Please see ID?"
400
An estimate of how long it can take to pay off a credit card balance if only the minimum payment is made each month, and an estimate of the total amount paid, including interest, if the bill is paid in 3 years (assuming no additional charges are made).
What is a minimum payment warning?
500
This is the first step to receiving a credit card.
What is comparing different credit card offers and determining which card to apply for?
500
Credit card issuers must list these separately on the monthly statement.
What are fees and interest charges?