Credit Card Costs 25 Business Math

Front

What is the term for the process where a credit card issuer pays for a purchase on behalf of the cardholder, who will pay the issuer back later?

Back

Credit Transaction

Front

Grace receives a monthly report that details her purchases, fees, and payments. What is this report called?

Back

Credit Card Statement

Front

What is the term for the period Olivia has to pay her balance without incurring finance charges?

Back

Grace Period

Front

What is the term for the document containing key credit card terms and conditions before applying for a new card?

Back

Disclosure Box

Front

What is the term for the yearly interest rate charged on a carried-over balance on a credit card?

Back

Annual Percentage Rate (APR)

Front

What is the term for the maximum balance Olivia can have on her credit card?

Back

Credit Limit

Front

Mia needs to pay for an emergency expense and decides to withdraw money from her credit card's available limit. What is the term for this feature?

Back

Cash Advance

Front

What is the last date on which transactions can be captured on a credit card statement called?

Back

Statement Closing Date

Front

What is the term for calculating the monthly interest rate by dividing the APR by 12?

Back

Monthly Periodic Rate

Front

What is the term for a charge on a credit card statement that was not made or approved by the cardholder?

Back

Unauthorized Purchase