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