Understanding Credit Cards
Flashcard
•
Fun
•
12th Grade
•
Practice Problem
•
Hard
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9 questions
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1.
FLASHCARD QUESTION
Front
What is a credit card?
Back
A credit card is a plastic card issued by a financial institution that allows the cardholder to borrow funds to make purchases and pay them back later with interest.
2.
FLASHCARD QUESTION
Front
What are the benefits of using a credit card?
Back
Convenience, rewards programs, building credit history, and fraud protection.
3.
FLASHCARD QUESTION
Front
What is the difference between a credit card and a debit card?
Back
A credit card allows you to borrow money from the bank to make purchases, while a debit card allows you to spend money directly from your bank account.
4.
FLASHCARD QUESTION
Front
What is an APR (Annual Percentage Rate) on a credit card?
Back
The APR on a credit card is the annualized interest rate charged to the cardholder.
5.
FLASHCARD QUESTION
Front
What is a credit limit?
Back
The maximum amount of money that a lender is willing to lend to a borrower.
6.
FLASHCARD QUESTION
Front
What is a minimum payment on a credit card?
Back
The minimum payment on a credit card is the smallest amount of money that a cardholder must pay each month to keep their account in good standing.
7.
FLASHCARD QUESTION
Front
What are the consequences of missing a credit card payment? Options: Increased credit limit, waived late fees, improved credit score, no legal action; Late fees, increased interest rates, damage to credit score, potential legal action; No consequences, lower interest rates, improved credit score, no legal action; Decreased credit limit, waived late fees, improved credit score, no legal action
Back
Late fees, increased interest rates, damage to credit score, potential legal action
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