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