What is a credit card?
credit cards

Flashcard
•
Mathematics
•
10th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A credit card is a plastic card issued by a financial institution that allows the cardholder to borrow funds to pay for goods and services, with the agreement to pay back the borrowed amount plus interest.
2.
FLASHCARD QUESTION
Front
What is the main advantage of using a credit card?
Back
No need for carrying cash.
3.
FLASHCARD QUESTION
Front
What should you do as a borrower?
Back
Pay back your loans promptly.
4.
FLASHCARD QUESTION
Front
How do credit card companies make money?
Back
By charging late fees and interest to their customers.
5.
FLASHCARD QUESTION
Front
What is the relationship between credit cards and loans?
Back
Charging a purchase with a credit card is like getting a loan because you borrow money from your credit provider.
6.
FLASHCARD QUESTION
Front
What is an annual fee in relation to credit cards?
Back
An annual fee is a charge that credit card companies impose each year for the use of the card.
7.
FLASHCARD QUESTION
Front
What does it mean to use credit with extreme caution?
Back
It means to be careful about how much you borrow and to ensure you can pay it back to avoid debt.
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