Credit & Debit Review

The grace period on credit cards usually lasts ___ days

Money owed

Money in the form of bills or coins.

A card that acts like cash and is immediately subtracted from cardholder’s bank account

useful in emergencies

A credit range of 700 is considered _______.

When interest rates can change, they’re called _____ rates.

annual fees may apply

Enjoy goods and services without needing to have cash on hand.

A written order for a bank to pay money

Monthly maintenance and overdraft fees may apply.

Liability is $0 if card is reported missing before someone uses it.

A measurement of a person’s potential to repay debt

Factors of production are partially owned and directed by state

prices increase and the value of money goes down

Terms, rates, and fees may change.

Liability is limited to $50 for unauthorized charges if card is stolen

A legal process that gives a debtor protection from creditors

The amount of financial trust extended to a person or business by a lender; a loan

no interest if bill is paid in full

the demand curve always slopes...

No interest charges

A card authorizing the holder to buy goods and services now and pay later.

Subject to credit card qualifications

The 3 C’s of credit include all of the following except...

Which of the following is not a credit card fee?