W!SE Review - Payment Types

A __________________ is the amount of money that you can charge to a credit card. If you exceed this amount, your purchase may not go through and your card may be declined.

• Credit Limit

• Finance Charges

• Balance Transfer

• Rewards

Jared wanted to save money on interest charges for his credit card so he moved the existing balance on it to a new card with a lower interest rate. This is called:

• Credit Limit

• Balance Transfer

• Finance Charges

• Rewards

This is a benefit given to credit card customers that encourages them to sign up for a card and to use it frequently to pay for things.

• Finance Charge

• Late Fees

• Rewards Points

• Cash Out

Visa, American Express and Master Card are examples of a Closed Loop Credit Card System.

• True

• False

Bank checks, cashier's checks and money orders are basically as good as having cash because they are not a form of credit.

• True

• False

At an automated teller machine (ATM), bank customers are able to insert a plastic card and perform all of the following except:

• make cash withdrawals

• communicate with bank staff

• transfer funds

• make deposits

In order to make purchases, you enter your PIN number for credit transactions and sign your name for debit transactions after swiping your card.

• True

• False

Which of the following are examples of a Pre-Paid Card/Cash Card?

• AMEX

• Wawa

• Macy's

• Visa

• Chick-Fil-A

Which of the following is NOT a part of a check?

• Routing number

• Signature Line

• Balance

• Written Amount

In order to use a Blank Endorsement to cash your check, you must write "For Deposit Only" on the back when signing it.

• True

• False