Credit Cards and Debt- #7

What is the annual percentage rate for this credit card?

(*use the percentage symbol)

(a)  

What is the APR for cash advances?

(*use the percentage symbol)

(a)  

The APR for this credit card could go from 22.99% up to 28.99%. What things could lead to this increase in APR?

3 answers!

• late payment

• spending over the credit limit

• too many cash advances in 1 billing cycle

• to make a payment that is returned

  ("returned" means you paid but didn't have enough $)

A returned payment means that you did not have sufficient funds in your account to pay the bill. The company then returns the payment to your bank and charges you an extra fee for not having the money to pay. How much is this fee on this credit card?

(*use the dollar sign symbol)

(a)  

An annual fee means that the credit card company will charge you 1 time each year just for having the credit card with them. How much is this fee for this particular credit card?

(*use the dollar symbol)

(a)  

This credit card company charges either $5 or 3% extra on any cash advances (whichever is greater).

If the credit card holder wanted to take out $60, how much extra would he/she pay?

(Step 1: check to see what 3% of $60 is by doing 60 x .03

Which one is greater, 3% of $60? or a flat $5..)

• $5

• $3

• $1.80

This credit card company charges either $5 or 3% extra on any cash advances (whichever is greater).

If the credit card holder wanted to take out $250, how much extra would he/she pay?

(*1st, check to see what 3% of $250 is. Which is greater-- the 3% or a flat $5?)

• $5

• $7.50

• $10.00

If the credit card holder was vacationing in Italy and made some purchases totaling $42.50, what would his/her total be with the foreign transaction fees included?

(1) look to see what the % is for foreign transactions on the statement

(2) Calculate what that % is by multiplying it by $42.50

(3) Then add that number to $42.50 to get the total charge

*use the $ symbol!!!!!!!!!!!

(a)  

If the credit card holder pays their bill late, what are the late fees that would be included? SELECT ALL THAT APPLY

• $25 if the balances is less than or equal to $1,000

• $29 if the balances is less than or equal to $1,000

• $35 if the balances is more than $1,000

• $3% if balance is more than $1,000

If the card holder spends more than the allotted credit limit, how much would the fee be on their next bill?

(*use the dollar sign)

(a)