Credit Card Vocabulary

What is APR?

• the interest rate that you will pay on any unpaid balances

• the interest rate that you will pay on any purchases

• the fee you pay yearly for being a cardholder

• the fee you pay monthly for being a cardholder

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CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Which is better?

• a high APR

• a low APR

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CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Is an annual fee a good or bad?

• Good!

• Bad!

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CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

What is an annual fee?

• the interest rate you pay on any unpaid balances

• the interest rate you pay on any purchases

• the yearly fee you pay for being a cardholder

• the monthly fee you pay for being a cardholder

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What is a credit limit?

• the maximum amount of money you can borrow with one card

• the minimum amount of money you can borrow with one card

• the amount of money that you borrowed

• the amount of money that must be repaid

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CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

What is a credit balance?

• the maximum amount of money you can borrow with one card

• the minimum amount of money you can borrow with one card

• the actual amount of money that you borrowed/spent

• the amount of money that must be repaid

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CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

What is a minimum payment?

• the minimum amount of money you can pay back - you will have to pay interest on the unpaid balance

• the minimum amount of money you can pay back - you will NOT have to pay interest

• the maximum amount of money that you can borrow with a card

• the amount that will be shown on your bill

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CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Paying only the minimum payment will positively affect your credit score.

• True

• False

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CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Paying only the minimum payment will cost you interest. You will end up paying a lot more for an item in the end!

• True

• False

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CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Inquiries will...

• not affect your credit score.

• temporarily affect your credit score.

• permanently affect your credit score.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4