Credit Card Vocab

Front

What is the Monthly Finance Rate?

Back

The Monthly Finance Rate is the Annual Percentage Rate (APR) divided by 12 months.

Tags

CCSS.7.RP.A.3

Front

What is an Overdraft Fee?

Back

An Overdraft Fee is the extra money you must pay if you go over your credit limit.

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 does APR stand for?

Back

APR stands for Annual Percentage Rate, which is a credit card's yearly interest rate.

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 Debt?

Back

Debt is the state of owing somebody money.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

What is a Late Fee?

Back

A Late Fee is the extra money you must pay if you do not pay your bill on time.

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 Interest in terms of credit cards?

Back

Interest is the cost of borrowing money, typically expressed as a percentage of the amount borrowed.

Tags

CCSS.7.RP.A.3

Front

What is a Credit Score?

Back

A Credit Score is a numerical representation of a person's creditworthiness, based on their credit history.

Front

What is the Minimum Payment?

Back

The Minimum Payment is the smallest amount you can pay on your credit card bill to keep your account in good standing.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

What happens if you miss a payment?

Back

If you miss a payment, you may incur a Late Fee and your credit score may be negatively affected.

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 a Credit Limit?

Back

A Credit Limit is the maximum amount of credit that a lender will extend to a borrower.