Flashcard on Credit

Front

Based on the Card Statement above, which of the following statements is TRUE? The cardholder is carrying a balance over from the last period. The cardholder was charged interest on her balances for the last period because she made her payment on time. If the cardholder makes her minimum payment of $35.00 by the due date, she will NOT be charged interest on her balances. If the cardholder pays $523.20 by the due date on the bill, she will pay NO interest to the credit card company.

Back

If the cardholder pays $523.20 by the due date on the bill, she will pay NO interest to the credit card company.

Front

Your credit score could affect your auto insurance rates. True or False?

Back

True

Front

Generally, which of the following most influences a credit score?
The types of credit accounts you have,
Your payment history,
The amount of credit you're using compared to the total amount available to you,
The length of your credit history

Back

Your payment history

Front

Creditors are NOT obligated by law to report your credit activity.

Back

True

Front

Which of the following statements is TRUE?
If you make the minimum payment on your card by the due date, the credit card company will not charge you interest.
If you pay your balance in full after the due date, the credit card company will not charge you interest.
If you pay your balance in full after the due date, you will be charged interest.
If you pay your balance in full by the due date, you will be charged interest.

Back

If you pay your balance in full after the due date, you will be charged interest.

Front

Your credit score affects:
- Whether you can get a loan
- Your interest rate

Back

Both A and B

Front

Reading through a credit card disclosure, you see the A.P.R. for a specific card is set at 9.99% - 23.99%. Which of the following statements is probably TRUE? When given a range of A.P.R.s like this, you can assume most cardholders pay the lowest rate listed, One of the primary factors determining your card's A.P.R. is your credit score, With credit card A.P.R.s, cardholders like higher A.P.R.s because they earn more, The A.P.R. on credit cards is usually fixed so they won't be adjusted as long as you are a cardholder.

Back

One of the primary factors determining your card's A.P.R. is your credit score

Front

Which of these credit card payback strategies would result in your paying the HIGHEST amount of interest? Options: Paying 20% of your credit card balance every month on time, Paying off your credit card bill in full every month, Making the minimum payment (3% of your credit card balance) every month on time, Making the minimum payment (3% of your credit card balance) every month with an occasional late payment

Back

Making the minimum payment (3% of your credit card balance) every month with an occasional late payment

Front

What financial product am I? I am a type of credit card that requires cardholders to make a security deposit equal to the credit limit on their account. Due to this deposit requirement, I am often a good choice for young people looking to establish their credit history.

Back

Secured credit card

Front

Credit scores and credit reports are NOT the same thing.

Back

True