Credit Cards

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

Tags

CCSS.HSS.MD.B.5

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

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

Tags

CCSS.HSA.SSE.A.1

The cost of credit expressed as a yearly interest rate is known as:

• Annual Percentage Rate (APR)
• Annual Fee
• Penalty APR
• Introductory Rate

Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

How old to you have to be to apply for a credit card?

• 21
• 18
• 16
• 25

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

• House 
• Car
• Loan
• All of the above 

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

How can you avoid paying interest fees on your credit card?

• Only use it for groceries
• pay off the full balance, on time, each month
• you cannot avoid interest fees
• only use Discover