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

Interest rate does not affect your minimum payments

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 have paid more interest for?

You pay the same amount of interest for both

What is one advantage of having a credit card?

It allows you to make purchases without carrying lots of cash.

It prevents you from spending more than you earn.

It encourages you to budget your money wisely.

It helps you pay off debts that you may have.

What happens when you don't have enough money to pay for the things you charged?

You end up owing more than the original amount of money you charged.

You end up owing less than the original amount of money you charged.

You end up owing the same amount of money you charged, it just takes a while to pay off.

Why would your credit provider give you a credit limit?

To prevent you from spending more money than you can pay back.

To remind you to pay your bill on time.

To prevent you from enjoying the things you buy.

To prevent you from shopping in certain places.

When you make a credit card purchase at a store, who do you agree to pay?

The bank where the store keeps its money.

How do credit card companies make money?

By charging late fees and interest to their customers.

By making you pay an extra dollar on every purchase.

By charging late fees and interest to stores and other businesses.

By earning interest on the money they have saved up.

What is the best way to avoid credit card debt? Choose the best answer.

Don't spend more money than you have.

Use several credit cards to avoid putting too much money on one card.

How is charging a purchase like getting a loan?

You borrow money from your credit provider.

You borrow money from the store in order to pay your credit provider.

You borrow money from an ATM in order to pay your credit provider.

Which of the following statements is an opinion?

A bad credit history is one of the worst things that could happen to a person.

A bad credit history can prevent you from getting a mortgage.

A bad credit history may make it difficult to get a student loan for college.

What conclusion can you draw about using credit cards?

They should be used with extreme caution.

They should only be used if you have a lot of money in the bank.

They are the best tool you can use to spend money.

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

What is an annual fee?

A fee charged by a card issuer for being a card holder.

The days between the last statement and the current statement.

A fee charged to a cardholder's account once a payment is late.

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

pay off the full balance, on time, each month

What is a good practice when it comes to credit cards?

paying the amount charged in full each month

getting as many credit cards as possible

Credit Cards

Authored by Amber Boughner

9th - 12th Grade

CCSS covered

Used 167+ times

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35 questions

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MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

True

False

Tags

CCSS.7.NS.A.1B

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

It would be best to have a high credit score

True

False

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

True

False

Tags

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.5

CCSS.RI.6.5

CCSS.RI.7.5

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

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Credit Cards

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

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

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

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

It would be best to have a high credit score

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

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

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

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