Everfi- Payment Types

Which of the following payment types require you to pay upfront?

• Money order

• Cashier's check

• Pre-paid card

• All of the above

Which of the following is true?

• Checks and Debit Cards both withdraw money directly from a bank account

• Checks are the most widely accepted form of payment

• Debit Cards often have a higher interest rate

• Debit Cards offer the highest level of fraud protection

Which of the following is not true about credit cards

• They offer the highest level of fraud protection

• They are the best payment type to use when trying to stick to a budget

• You can be charged a fee if you are late making a monthly payment

• Some offer rewards, like cash back or airline miles

which of the following statements comparing debit cards to credit cards is true

• Debit Cards allow you to draw funds directly from your checking account

• Debit Cards typically offer greater fraud protection

• Debit cards never require a signature

• Debit cards have higher interest rates

Which payment method typically charges the highest interest rate

• Credit cards

• Cashier's check

• Pre-paid cards

• Payday loans

Which of the following tells you how much your credit card interest will be if you only pay the minimum balance each month

• Late fee

• Annual membership fee

• Balance transfer fee

• Annual percentage rate

Which payment type can help you stick to a budget

• Credit cards

• Debit cards

• Payday loans

• Cash advances

Which of the following will happen if you miss a monthly credit card payment

• You will be charged a late fee

• You will lose reward points

• Your APR will increase next month

• Both A & B

If you are planning to carry a large balance on your credit card, which of the following features should you look for?

• Low APR

• Low balance transfer fees

• Lots of credit card rewards

• A large credit limit

What is a credit limit

• The required payment to your credit card company

• The amount of interest you pay

• The maximum amount you can charge each billing cycle

• How many credit cards you can own