Credit Cards
This type of card helps build your credit score
What is a Credit Card?
A loan paid back in regular monthly payments over time.
What is an Installment Loan?
A mortgage with an interest rate that stays the same.
What is a Fixed-Rate Mortgage?
Paying bills on time helps improve this.
What is your Credit Score?
Credit cards can charge interest on unpaid balances.
What is True?
The smallest payment you can make to keep your account in good standing
What is the Minimum Payment?
This type of loan usually has very high interest and must be repaid quickly.
What is a Payday Loan?
A mortgage where the interest rate can change over time.
What is an Adjustable-Rate Mortgage?
A secured credit card usually requires this.
What is a deposit/collateral?
Debit cards help build your credit score.
What is False?
This document explains APR, fees, and penalties for a credit card.
What is the Schumer Box?
The amount of money borrowed from a lender.
What is the Principal?
Paying money upfront when buying a home or car is called this.
What is a Down Payment?
Using too much of your credit limit can hurt this.
What is your Credit Score?
A low APR is usually better for borrowers.
What is True?
This person is added to someone else’s credit card account to help build credit history
Who is an Authorized User?
A car loan is this type of debt because the car can be taken if payments are missed.
What is Secured Debt?
Having a higher credit score usually helps you get this on a loan.
What is a lower APR/interest rate?
This is one way someone under 21 can start building credit.
What is becoming an Authorized User?
Prepaid debit cards use money already loaded onto the card.
What is True?
This happens when you only make minimum payments every month
What is paying more interest and staying in debt longer?
Paying more than the required loan payment helps reduce this.
What is total interest paid?
A longer loan term usually means lower monthly payments but this overall.
What is more total interest?
Payday loans are usually a safe long-term financial solution.
What is False?