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The biggest credit trap for most people that costs them a lot of money is
Minimum payments
The fee the bank charges for lending money is known as
interest
How can you avoid paying interest on a credit card?
Pay your outsanding balance in full on time every month!
Which of the following is NOT an example of an installment loan?
Credit card
Which of the following is an example of a revolving loan?
credit card
You withdraw money from the ATM using your credit card. This is called
a cash advance
Disadvantages of using credit cards
Temptation to overspend or impulse buy.
It is important to have multiple kinds of credit.
True
"Buy now, pay later" is...
credit
What is an annual fee?
a fee you pay every year to have a credit card
The best way to raise your credit score is by...
Paying your bills on time
What country first granted women the right to vote?
New Zealand
Transunion, Experian, Equifax
Credit Bureaus
Co-signer
Someone with a better credit score pays your loan if you default.
Borrower
Someone who receives something with a promise to return it or its equivalent
Lender
A person or organization who makes funds available for others to borrow
Credit
An agreement to purchase something now, but pay for it in the future.
Down Payment
The amount of a purchase you pay before getting a loan for the rest.
Credit Report
A detailed report of an individual's credit worthiness.
What is the real name of the superhero character Spider-Man?
Peter Parker
What is the color of an emerald?
Green
During a grace period...
no interest is charged
What is the best-selling book series of the 21st century?
Harry Potter
Which factor would most likely lead to an increase in the interest rate charged on a person's credit card?
Late payments.
An interest rate that stays the same throughout the term of the loan is a
fixed rate