Credit Card Unit Review

Front

When you use a credit card, merchants are charged a fee. That fee is split between ...

Back

Issuer, Network, merchants bank

Front

A _______________ credit card requires an upfront cash deposit to the credit card company, which they hold as collateral until you close the account. They then let you charge up to the amount they are holding as collateral.

Back

secured

Front

A balance transfer on a credit card is ...

Back

Transferring a balance from one credit card to a different credit card

Front

Examples of a credit card network are ...

Back

Discover, American Express, Visa, Mastercard

Front

Addison’s credit card statement indicates that she is now paying a penalty APR. Which scenario best describes what may have happened? Options: Addison’s card had a lower introductory interest rate for the first year and now the interest rate has increased, as stated in her contract. When Addison was participating in her college study abroad program, she left a friend in charge of sending in her January and February payments. Her friend forgot to send the payments. The new computer Addison purchased made her account go right up to the credit limit. Addison’s credit card payment has been paid in full each of the last 6 months.

Back

When Addison was participating in her college study abroad program, she left a friend in charge of sending in her January and February payments. Her friend forgot to send the payments.

Front

When comparing credit card offers …

Back

The right choice depends on your values and your wants.

Front

The 2009 Credit Card Accountability, Responsibility, Disclosure Act required credit card companies to disclose (Schumer Box), in easy to read terms, all of the following EXCEPT: Minimum payment that will be owed each month, Interest calculation method, Grace period, Fees

Back

Minimum payment that will be owed each month

Front

The 2009 Credit Card Act requires all credit card offers to contain a table with important terms of the credit card. The table is referred to as ...

Back

The Schumer Box

Front

The maximum amount that can be charged on a credit card is called

Back

Credit Limit

Front

The least amount you can pay on your credit card balance each month is called ...

Back

minimum payment