Credit Card & Debt Review | Baamboozle - Baamboozle

English 25 Public

Credit Card & Debt

Study Slideshow

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

credit card

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What is a cardholder?

The person who owns the credit card.

15

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

borrowed

15

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.

15

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

Credit Card Limit

15

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

Debt

15

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

ATM/Debit Card

15

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

Overdraft

15

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.

15

What does it mean if a person has "maxed out their credit card"?

They have charged the maximum amount possible.

15

Amount of money owed on your credit card.

Balance

15

Give one example of a "reward" you can earn from using your credit card?

Points, hotels, miles, cash back

15

What happens when a house goes into foreclosure? What does this mean?

The home owner has not made payments and the bank is in the process of taking it over.

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