Credit Card

What is a credit card? 

• a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
• A card that has a set balance that you can only use at one place.
• A card with the money from your checking account. 

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

What was talked about in the article "No money, Mo Problems?

• Money 
• How credit effects middle class families. 
• How money affects lower income families. 
• Educating college students on credit cards 

What is an annual fee? 

• The act of transferring money 
• A fee charged by a card issuer for being a card holder. 
• The days between the last statement and the current statement. 
• A fee charged to a cardholder's account once a payment is late. 

What is a finance charge?

• The amount of interest charged to an account for the billing cycle. 
• A fixed annual percentage rate of the finance charge.
• A charge from the bank for getting a credit card. 
• None of the above. 

Tags

CCSS.7.RP.A.3

What is an example of cash advance? 

• Asking your siblings for money.
• Getting your paycheck early.
• Going to the ATM
• Going to the store and getting cash back from your credit card. 

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

What is a grace period?

• The time allowed to pay your balance with a low interest rate 
• The time frame to spend as much money as you can.
• The time allowed to pay your balance without being charged. 

Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge. 

• True
• False 

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

An interest rate is? 

• A low interest rate offered for a limited time by a company. 
• The yearly percentage rate of the finance charge. 
• The amount of interest charged to an account for the billing cycle. 
• The money you gain after paying your bills.

What is a fixed rate?

• A rate that is specfically for you 
• A rate in which the credit card company must fix your bill. 
• A fixed annual percentage rate of the finnance charge.

A variable rate is a rate that does not increase or decrease, but stays the same. 

• True 
• False