Credit Card Vocabulary Review | Baamboozle - Baamboozle

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

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

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

interest

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.

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.

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

Overdraft

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

borrowed

What is a cardholder?

The person who owns the credit card.

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

Credit Card Limit

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

verification

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

Debt

Explain credit score.

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

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

credit card

Why should a person be cautious when using credit cards?

Overspending, get into debt.

Explain one benefit of owning/using a credit card.

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

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.

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

ATM/Debit Card