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Credit Cards Flashcards | StudBud
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Credit Cards
Credit Cards
15 terms
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36 plays
Money Management
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
One step to receiving a credit card is?
Lenders conduct a credit investigation
Apply for a credit card offer.
Look at spending habits.
Complete a credit application
2
Charged when a cardholder does not make the minimum monthly payment by the due date.
Credit Fee
Over-the-Limit Fee
Late-Payment Fee
Penalty APR
3
Transferring debt from one credit card to another.
Introductory rate
Balance transfers
Money transfers
Credit limit
4
Is a 13% or 18% APR for a credit card better?
1.3%
18%
1.8%
13%
5
What is the charge for borrowing money called?
Intrest
Annual Percentage Rate
APR
Interest
6
What is 40*3?
I do not know
I do not care
120
160
7
An interest rate that may change depending on other factors, such as the prime rate.
APR for balance transfers
Penalty APR
Annual Percentage Rate
Variable-rate APR
8
Charged if the account balance goes over the set credit limit.
Penalty Fee
Over-the-Limit Fee
Late-Payment Fee
Annual Fee
9
T or F: Under the 2009 CARD Act, if you are under the age of 21 you can't receive a credit card
T
F
10
Which is not an advantage for having a credit card?
Convenient payment tool
Having multiple accounts can raise your credit score
Useful for emergencies
Protection against fraud
11
A yearly fee that may be charged for having a credit card.
Annual Fee
Over-the-Limit Fee
Late-Payment Fee
Yearly Charge
12
Only making the minimum payment on a credit card every month will.....
Only pay a small percentage of the total balance owed
Make the amount paid higher than the amount first charged
Result in slow progress towards paying off the card balance
All of the above
13
What will happen if a cardholder makes a late credit card payment?
They will be given money to pay it.
Nothing will happen
They will be charged a penalty fee.
They will get their card taken away from them until they pay
14
The interest rate that may be charged right after a credit card account is opened.
Late-Payment Rate
Annual Fee
Variable-Rate APR
Introductory Rate
15
The maximum amount of charges allowed to an account.
Credit limit
Annual Fee
Limit
Balance limit
