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Credit Card Terms

Credit Card Terms

Assessment

Presentation

•

Other

•

9th - 12th Grade

•

Hard

Created by

David Tien

Used 6+ times

FREE Resource

51 Slides • 0 Questions

1

Credit Card Terms

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charge

the amount of money spent on a purchase

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credit limit

The maximum amount of money you can owe on your credit card

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minimum payment

the least amount of money you can pay on your current credit card bill

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balance

The amount of money you owe to the credit card company

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interest

the cost of borrowing money from the credit card company

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1.) The ____________ _________ on Mrs. Kramer's Credit Card bill was $35.00.

FILL IN THE MISSING TERM

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2.) Mrs. Kramer made $3000 in purchases. The _______________ on her bill came to over $240.

FILL IN THE MISSING WORD

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3.) After Christmas shopping, the new _____________ on Mrs. Kramer's credit card bill was $4300.

FILL IN THE MISSING WORD

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4.) Mrs. Kramer bought gas at Kwik Shop. The ____________ came to $18.25.

FILL IN THE MISSING TERM

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5.) Mr. Kramer doesn't want Mrs. Kramer spending too much money so he had the _____________ _____________ on her credit card set to $2000.00.

FILL IN THE MISSING TERM

12

Creditor

Also known as the lender, the person or institution to whom money is owed

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Credit Bureau

A company that collects information about your credit history and sells it to lenders.

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Credit History

A record of your past borrowing and repayments.

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Credit Report

A detailed record of an individuals credit history and credit score

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Credit Score

A number that indicates how good of a credit risk you are - the highter the score, the better.

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6.) Mrs. Bale's _________ _________ shows that she is an excellent credit risk.

FILL IN THE MISSING TERM

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7.) Equifax is one of the top _________ __________ in the country. They provide information to millions of lenders.

FILL IN THE MISSING TERM

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8.) Mrs. Bale's __________ ________ shows that she has a credit score of 750 and has always repaid her loans on time.

FILL IN THE MISSING TERM

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9.) The __________ __________ of Mrs. Bales shows that she has taken out 5 loans over the past 10 years and has always paid them back regularly.

FILL IN THE MISSING TERM

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10.) The _________ who owns my credit card is Union Bank.

FILL IN THE MISSING TERM

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bankruptcy

The state of legally being declared unable to pay your debts with your available income

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financial capacity

the measure of your financial ability to repay a loan

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financial character

a measure of your financial responsibility - often based on your credit history

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asset

anything you own that adds financial value - something that has worth

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collateral

property or assets put down as security on a loan

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11.) Mr. Redmond's _______ ________ shows lenders that he is responsible with his money

FILL IN THE MISSING TERM

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12.) Mr. Redmond offered his 1956 Fender guitar as ___________ on the loan he was applying for from the bank.

FILL IN THE MISSING TERM

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13.) Mr. Redmond has a lot of money and other assets, so his ____________ ___________ is high.

FILL IN THE MISSING TERM

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14.) Among his ________, Mr. Redmond owns two houses, three cars, and a colleciton of vintage guitars.

FILL IN THE MISSING TERM

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15.) After several bad financial setbacks, Mr Tien had to declare ____________ because he just couldn't pay his bills.

FILL IN THE MISSING TERM

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annual fee

a set amount of money a credit card company charges for having a credit card

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late fee

a penalty fee that a credit card charges for payments made after the due date

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due date

the date by which your credit card payment must be paid

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grace period

a set length of time after the due date when a payment can be made without penalty.

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delinquent

a situation where a borrower is late or overdue on a payment

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16.) Mr. Kantor hadn't paid his credit card bill in three months so the credit card company said his account was ______________.

FILL IN THE MISSING TERM

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17.) Mr. Kantor's bill was due on th 15th. When he paid it on the 20th, the credit card company charged him a $20 ____ ___.

FILL IN THE MISSING TERM

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18.) Mr. Tien's credit card company offers a 10-day ______ ______, so even though he didn't pay his bill on time, he didn't have to pay a penalty.

FILL IN THE MISSING TERM

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19.) Mr. Kantor's credit card company charges an _______ ___ of $50.00 just for using their credit card.

FILL IN THE MISSING TERM

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20.) Mr. Kantor's credit card ___ ____ is the 15h of each month. This is difficult for him because he doesn't get paid until the end of each month.

FILL IN THE MISSING TERM

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EMV chip

an electronic computer chip that stores your credit card information. It's more secure than the old magnetic strip that was used

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free loader

What the credit card company calls someone who pays off their balance in full every month and so never pays any interest

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introductory rate

an annual percentage rate - usually lower - offered for the first year or a short term to get you to take out a credit card

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balance transfer

moving your balance from one credit card to another, usually with a lower rate.

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Schumer Box

A summary that lists all the costs of a credit card

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My new credit card had a much lower interest rate than my old card, so I did a _______ ________ and moved the $3000 I owed to the new card.

FILL IN THE MISSING TERM

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My new credit card has a zero percent ____________ ____ for the first six months.

FILL IN THE MISSING TERM

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Mrs. Stopp always pays her full balance each month on her credit card. The credit card company calls her a ____ ______.

FILL IN THE MISSING TERM

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The card reader at the gas station wasn't working, so instead of using my ___ ____, I had to "swipe" my credit card.

FILL IN THE MISSING TERM

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The _______ ___ on my credit card application let me know the APR, the late fee, and the annual fee on my new credit card. It gave me a lot of good information.

FILL IN THE MISSING TERM

Credit Card Terms

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