U2 L14 Young People & Credit Cards

Front

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

Back

Annual Percentage Rate (APR)

Front

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.

Back

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

Back

credit limit

Front

What is an annual fee?

Back

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

Front

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

Front

How can you avoid paying interest fees on your credit card?

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pay off the full balance, on time, each month

Front

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:

Back

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

Front

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

Back

True