Which term means interest and all other fees added on to credit purchases?
Annual Fee
Introductory Rate
Annual Percentage Rate (APR)
Finance charges
What is the annual interest rate you'll be charged if you carry a balance on your credit card?
Credit agency rate
Annual percentage rate
Over the limit rate
Introductory rate
What fee will you pay if you go over your credit limit?
introductory fee
Minimum payment fee
Over the limit fee
Grace period fee
Introductory rates are also known as
annual percentage rates
annual fee rates
teaser rates
minimum payments
The highest amount that can be charged to a credit card is called...
Your free period limit
Your line of credit
Your APR limit
Your credit limit
The least amount of money required to be paid on a line of credit is called
Grace period payment
Minimum payment
Maximum payment
Credit Score payment
What is an example of revolving credit?
A credit card
A debit card
A home loan
A student loan
What is an example of non- revolving credit?
A credit card
A personal loan
A home equity loan
A home loan
What is revolving credit?
A line of credit that can be used over and over again
What is non revolving credit?
Credit that can be closed. Once you pay it off, you can forget about it
What is a teaser rate and why would credit card companies use one?
A teaser rate is a lower introductory rate used to lure customers so credit card companies can raise the rate later
What is credit?
Money borrowed now with the understanding it will be paid back later
What is a credit score?
A number on the back of your credit card
An ID number the bank gives you
A three digit number rating a consumer's creditworthiness.
A home run
What is an advantage of using credit?
Example: You can buy expensive stuff and pay later
What means how trusted you are to pay back money you borrow?
Creditworthiness
FICO
Credit risk
Open ended credit
