Credit Card Vocabulary Review 23-24 | Baamboozle - Baamboozle

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

Points, hotels, miles, cash back

Give one example of a way a person can bring up their credit score?

Answers will vary.

Explain one benefit of owning/using a credit card.

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

Credit or Debit: Earning rewards for the money you spend.

Credit

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

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

credit card

Give one example of something that may negatively impact a person's credit score?

Answers will vary.

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.

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

Debt

Give one example of when someone might run a credit report on you.

Car loan, mortgage, personal loan, apartment application

Credit or Debit: Using your own money.

Debit

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

borrowed

Explain credit score.

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

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

Overdraft

A person has a credit score of 300. Is this a weak score or a strong score?

Weak

Summarizes your credit history based on your financial behavior.

Credit Score

What is a cardholder?

The person who owns the credit card.

Credit or Debit: Having to pay a bill for the money you spent on a card.

Credit

A person has a credit score of 810. Is this a weak score or a strong score?

Strong

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

ATM/Debit Card

Why should a person be cautious when using credit cards?

Overspending, get into debt.

Amount of money owed on your credit card.

Balance

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

interest