Credit Cards

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The cost of credit expressed as a yearly interest rate is known as:

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Annual Percentage Rate (APR)

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Benefits of credit cards include: safe and convenient, bonuses are offered, allows you to build a positive credit report, needed for reservations and online shopping.

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all of these

Front

The maximum amount you may borrow on a credit card is known as: creditworthiness, credit report, credit limit, variable rate of credit

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credit limit

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What is an annual fee?

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A fee charged by a card issuer for being a card holder.

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Examples of penalty fees include: over-the-limit fee, late payment fee, returned payment fee, all of these

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all of these

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How can you avoid paying interest fees on your credit card? Options: Only use it for groceries, pay off the full balance, on time, each month, you cannot avoid interest fees, only use Discover

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pay off the full balance, on time, each month

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Is it wise to compare credit card offers before choosing one?

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True

Front

The cost of borrowing money is referred to as

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Interest

Front

Paying the minimum payment on a credit card every month will:

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Make the final amount paid substantially higher than the amount initially charged to the card.

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Having a high credit score will allow lenders to give you lower interest rates.

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True