Credit Cards

Front

What is the cost of credit expressed as a yearly interest rate?

Back

Annual Percentage Rate (APR)

Tags

CCSS.7.RP.A.3

Front

True or False: Having a high credit score will allow lenders to give you lower interest rates.

Back

True

Front

How can a cardholder avoid paying interest on a credit card?

Back

Pay the balance in full every month.

Front

How do credit card companies make money?

Back

By charging late fees and interest to their customers.

Front

Why would your credit provider give you a credit limit?

Back

To prevent you from spending more money than you can pay back.

Front

What does APR stand for?

Back

Annual Percentage Rate.

Tags

CCSS.7.RP.A.3

Front

What is a credit score?

Back

A numerical representation of a person's creditworthiness.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Front

What is the purpose of a credit limit?

Back

To limit the amount of credit extended to a cardholder.

Front

What is a late fee?

Back

A charge imposed for failing to make a payment by the due date.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is a penalty APR?

Back

A higher interest rate that may be applied if payments are missed.