Personal Finance Flashcard

Front

One difference between a fixed rate card and a variable rate card, is that a variable rate card-

Back

has an APR that changes from time to time and notification is not required.

Front

Many credit card companies offer ________ to use their cards, such as rebates, frequent flier miles, and “free” gift cards to popular stores.

Back

incentives

Front

Which term refers to the number you are given based on key pieces of your credit history to calculate your score at the moment? Options: APR, Credit Limit, Variable Rate

Back

Credit Score

Front

Which of the following would be considered an excellent credit score? 100, 300, 600, 800

Back

800

Front

What is the annual percentage rate for purchases for this credit card?

Back

19.24%

Front

If you receive a cash advance from the ATM using your credit card, what percent in interest will you pay on that cash?

Back

22.24%

Front

What is your balance in your checking account at the end of the day after spending $20.50 at Target and $6.50 at Starbucks?

Back

$473

Front

What was your checking account balance at the end of the day on 3/14?

Back

$350.05

Front

According to the 50/30/20 budgeting rule of thumb, what percentage of your income should be spent on needs?

Back

50%

Front

The largest component of one’s credit score is ________.

Back

Payment History