Credit cards and Scores

What is a Credit report ?

• An annual report of all the money that you have spent.

• A report on the amount of money that you have saved throughout the year.

• Returned Payment Box

• A summary of an individual financial history that includes such information as whether the person pays bills on time, how much money the person has in bank accounts, and how much money the person owes.

What is a Loan?

• A sum of money lent to a borrower at some interest rate.

• A sum of money that you give to charity.

• The amount of money that you get from the IRS.

• Schumer Box Fee

What is Term

• Balance Limit

• The length of time determined for paying back a loan.

• Over-the-limit Fee

• Maximum Fee

What is the Annual percentage rate (APR)

• Introductory Rate

• The interest rate based on simple interest for a 12-month period.

• The interest rate based on compound interest for a 30 day period.

• Variable-Rate APR

What is a credit card?

• A card that allows an individual to pay for merchandise or services by borrowing against a line of 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.

What is a finance charge?

• The interest charged on the money owed to a credit card company.

• A fixed annual percentage rate of the finance charge.

• A charge from the bank for getting a credit card.

• None of the above.

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 length of time from when a purchase is made to when the company begins charging interest on that purchase.

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

• True

• False 

What can you buy or get with a good credit score?

• House 

• Car

• Loan

• All of the above 

What is the best way to avoid credit card debt? Choose the best answer.

• Use several credit cards to avoid putting too much money on one card.

• Don't spend more money than you have, or use a debit card.

• Only use credit cards to by