Credit Cards

maximum you can borrow on a credit account?

• line of Credit

• Cash back card

• Debit LImit

• Credit Limit

What is the worst way to make credit card payments.

• Pay in full

• Pay Minimum payment and carry a balance

• Pay in between Full and Minimum

What is wrong with making a minimum payment?

• no rewards

• Huge interest charges

• nothing, it's free money.

• you get marked down on your credit Score

What does APR stand for?

• Annual purchase rate
• Annual percentage rate
• Approximate payment rotation
• Authorization processing rate

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

Having a high credit score will allow lenders to give you lower interest rates.

• True
• False

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

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

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

Tags

CCSS.7.RP.A.3

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

The credit company can charge interest if the credit card bill is not paid in full by the due date

• True
• False

Tags

CCSS.5.NF.B.5B

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

• True
• False

Tags

CCSS.7.NS.A.1B

You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?

• American Express
• Chase Sapphire
• Neither
• All of the above