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Credit Card Vocabulary Review 23-24
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Credit or Debit: Earning rewards for the money you spend.
Credit
Credit or Debit: Having to pay a bill for the money you spent on a card.
Credit
Credit or Debit: Using your own money.
Debit
Give one example of a way a person can bring up their credit score?
Answers will vary.
Give one example of something that may negatively impact a person's credit score?
Answers will vary.
A person has a credit score of 810. Is this a weak score or a strong score?
Strong
A person has a credit score of 300. Is this a weak score or a strong score?
Weak
Give one example of when someone might run a credit report on you.
Car loan, mortgage, personal loan, apartment application
Give one example of a "reward" you can earn from using your credit card?
Points, hotels, miles, cash back
Amount of money owed on your credit card.
Balance
Summarizes your credit history based on your financial behavior.
Credit Score
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.
When you have a loan, or credit card, the bank makes money by charging the cardholder:
interest
If you spend more than you have in your checking account, you will:
Overdraft
When you use this card, you are using your own money.
ATM/Debit Card
What is it called when a person owes a lot of money to a bank?
Debt
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
Why should a person be cautious when using credit cards?
Overspending, get into debt.
Explain credit score.
A score a person gets based on their loands, credit cards, and financial responsibility.
Explain one benefit of owning/using a credit card.
Answers will vary. You can pay back, use for emegencies, get rewards, etc.
With a credit card, you are using ______ money. (your own or borrowed)
borrowed
What is a cardholder?
The person who owns the credit card.
A card that allows a person to make purchases and pay for it at a later time.
credit card
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