Credit Card Statement Fine Print

Front

In reviewing your Summary Account Activity (#1), you notice FEES CHARGED $69.45. This fee was assessed on your account for the following reasons EXCEPT: Late Payment Fee, Balance Transfer Fee, Cash Advance Fee, Annual Fee

Back

Annual Fee

Front

How much do you currently owe on this credit card?

Back

$1,784.53

Front

Which of these transaction types DECREASE how much you owe the credit card company? Balance Transfers, Cash Advances, Payments, Interest Charged

Back

Payments

Front

Before sending in your payment to the credit card company, you go to a bicycle store. Approximately, how much can you spend before going over the credit limit on your card?

Back

$200

Front

What is your approximate credit utilization rate for this current billing cycle? (Hint: Credit Utilization Rate = Balance / Credit Limit)

Back

90%

Front

Which of the following statements is FALSE?
If you pay the MINIMUM PAYMENT of $53.00, you will not have to pay interest for the balance you still owe.
If you pay only the minimum payment AND DO NOT make any additional charges on your card it will take you 10 years to pay off your card.
If you pay $9.00 more than your minimum payment of $53.00 (or $62.00), you will reduce the time to pay off your credit card debt to three years.
If you want to pay off your credit card debt faster you should pay more than the minimum payment every month.

Back

If you pay the MINIMUM PAYMENT of $53.00, you will not have to pay interest for the balance you still owe.

Front

What action triggered the Penalty APR increase to 28.99%?

Back

You failed to pay the minimum payment by the due date.

Front

When does the penalty APR of 28.99% go into effect?

Back

April 10th

Front

You were charged interest of $6.31 for Purchases (near section 8). Why?

Back

You had a balance of $535.07 from the previous month and only paid $450.00 so you didn’t pay off your balance in full.