
Understanding Credit Card Basics
Flashcard
•
Financial Education
•
9th Grade
•
Practice Problem
•
Easy
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10 questions
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1.
FLASHCARD QUESTION
Front
What is the primary purpose of the annual percentage rate (APR) on a credit card?
Back
To calculate the interest on unpaid balances
2.
FLASHCARD QUESTION
Front
Which of the following is a benefit of using a credit card responsibly? Accumulating high-interest debt, Improving your credit score, Increasing your credit limit automatically, Avoiding all types of fees
Back
Improving your credit score
3.
FLASHCARD QUESTION
Front
How does a high credit score impact your credit card options?
Back
It provides access to better credit card offers.
4.
FLASHCARD QUESTION
Front
What is a common disadvantage of using credit cards?
Back
Paying high-interest rates on unpaid balances
5.
FLASHCARD QUESTION
Front
Which feature of a credit card agreement specifies the time frame during which you can pay your balance without incurring interest?
Back
Grace period
6.
FLASHCARD QUESTION
Front
What is the Schumer box used for in credit card agreements?
Back
To outline key terms and fees
7.
FLASHCARD QUESTION
Front
Which type of credit card typically requires you to load funds onto it before use?
Back
Pre-paid card
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