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