This yearly fee may be charged for having a credit card.
What is an annual fee?
100
The cost of credit expressed as a yearly rate.
What is the APR?
100
These are 3 benefits of having a credit card.
What is developing positive credit history, convenience, protection from unauthorized charges, safer online shopping, credit card bonuses,
100
Paying card balances in full every month, paying card bills on time, applying for only cards that are needed, keeping track of all charges, or checking monthly card statement for errors?
What are examples of positive credit card use.
200
When a consumer has passed an initial credit check.
What is preapproved?
200
Transferring debt from one credit card to another.
What is balance transfer?
200
A cardholder’s maximum liability for unauthorized use
What is $50.00
200
You mistakenly miss your credit card due date and are charged a late fee of $35.00 plus interest. What should you do?
What is call the company and ask if they will remove the late payment fee.
300
Credit is established and equal payments are due monthly for a set amount of time.
What is closed-end credit?
300
Interest rate charged right after a credit card is opened.
What is the introductory rate?
300
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 the credit card statement?
300
The fee charged for consolidating debt from one credit card to another.
What is a balance transfer fee?
400
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired
What is open ended credit?
400
The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered
What is the penalty APR?
400
The maximum amount of charges allowed to the account.
What is the credit limit?
400
Finding the credit card that best fits your needs by comparing different credit card offers.
What is shop around?
500
The initial amount put into an account or an investment.
What is the principle?
500
Credit card companies require only this small amount of the amount owed on a credit card bill.
What is minimum payment?
500
Interest charges can be avoided by __________.
What is paying credit card charges in full each month.
500
Close the account by phone and in writing and cut up the card.
What should you do when you no longer want to use a credit card?