Credit

The least amount that must be paid on a credit card each month is

• Late Fee
• Credit Limit
• Payment amount
• Minimum Payment

How can a cardholder avoid paying interest on a credit card?

• Do not pay anything
• Pay the minimum payment after its due date
• Pay the minimum balance every month
•  Pay the balance in full every month

It is best to pay more than the minimum due on your credit card.

• True
• False

It would be best to have a high credit score

• True
• False

A credit report is a report showing a borrower's history of how well they paid their bills.

• True
• False

Only making the minimum payment on a credit card every month will:

• lower the amount total paid for the purchase
• make you independently wealthy
• take longer to pay off which will result in paying more interest, more money!
• pay off the credit card faster

You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you pay off first

• Chase Sapphire
• American Express
• Interest rate does not affect your minimum payments
• All of the above

Credit is

• Extra credit on a test

• Giving someone a birthday gift

• Receiving something with a promise to pay it back

• What you put on top of your hamburger

Interest is...

• The name of your cat

• Always a bad thing

• A major decision

• The price of borrowing money

The maximum you can charge on your credit card is...

• $2,000.

• Credit limit

• Speed limit

• how much you can overspend