Credit Cards & Credit Flashcard

Front

Users borrow money on the card and pay it at a later time. Options: Credit, Debit, Both

Back

Credit

Front

Purchases are subject to interest charges if the balance is not paid in full

Back

Credit

Front

Users can sometimes be responsible for an annual fee or other penalties. Options: Credit, Debit, Both

Back

Credit

Front

What type of card did Brady use to purchase the meal that he paid for three weeks later?

Back

Credit Card

Front

The difference between a Visa or Mastercard and an American Express card is:

Back

American Express Cards must be paid in full each month

Front

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

Back

Annual Percentage Rate (APR)

Front

What is an annual fee?

Back

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

Front

The cost of borrowing money is referred to as

Back

Interest

Front

Credit Cards are great ways for you to get cash from a bank ATM machine

Back

False

Front

Late payments are retained on credit reports for 7 years.

Back

True