Credit Card Vocabulary Review | Baamboozle - Baamboozle

English 16 Public

Credit Card Vocabulary

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A card that allows a person to make purchases and pay for it at a later time.

credit card

15

List 2 examples of bank names that may issue credit cards:

Answers will vary: Bank of America, Chase, Capital One, Wells Fargo

15

There is a month and a year on every credit card. What is this called and why do cards have it?

Expiration Date- you get a new card when it expires. Prevents fraud if you have the same card for a long period of time.

15

What is a cardholder?

The person who owns the credit card.

15

What is the purpose of the signature box and why is it important?

The cardholder signs it and the card isn't valid until it is signed.

15

The _____ code is the 3 or 4 small digits on a credit card.

verification

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With a credit card, you are using ______ money. (your own or borrowed)

borrowed

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Explain one benefit of owning/using a credit card.

Answers will vary. You can pay back, use for emegencies, get rewards, etc.

15

Explain credit score.

A score a person gets based on their loands, credit cards, and financial responsibility.

15

Why should a person be cautious when using credit cards?

Overspending, get into debt.

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When a person has spend the highest amount of money a credit card will allow you to.

Credit Card Limit

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What is it called when a person owes a lot of money to a bank?

Debt

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When you use this card, you are using your own money.

ATM/Debit Card

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If you spend more than you have in your checking account, you will:

Overdraft

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When you have a loan, or credit card, the bank makes money by charging the cardholder:

interest

15

Explain credit card interest.

The bank charges you money for the purchases you make, based on your monthly balance. The higher your balance, the more money you will owe the bank.

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