Credit flashcard

Front

What is credit?

Back

An exchange where you pay the money back at a later date.

Front

If you pay just the minimum payment on your credit card statement....

Back

You will have to pay interest

Front

This is the yearly interest rate charged...

Back

APR

Front

One similarity between a debit card and credit card is that they both can be used to make purchases online

Back

They both can be used to make purchases online

Front

This is the period of time before the due date where you can make your payment in full without getting charged interest

Back

Grace period

Front

Which of the following pieces of information can you find on a credit card statement?
Your job title,
The due date,
Your paycheck deductions,
Your debit card

Back

The due date

Front

True or false: If you only make the minimum payment on your credit card bill, it will take longer to pay off the full balance.

Back

True

Front

True or false: With a credit card you are using the bank's money, not your own.

Back

True

Front

This is the smallest amount of your credit card bill you must pay in order to remain in good standing with the lender

Back

Minimum payment

Front

In order to avoid paying any interest on your credit card bill you must...

Back

Pay your balance owed in full