Credit Card Quiz

Transferring debt from one card to another

• over-the-limit fee

• Balance Transfers

• Credit Limit

Charged if the account balance goes over the credit limit

• introductory rate

• APR

• over-the-limit fee

The maximum amount of charges allowed to an account

• Balance Transfers

• Introductory rate

• Credit Limit

The cost of credit expressed as a yearly interest rate

• Annual Percentage Rate (APR)

• balance transfers

• over-the-limit fee

The interest rate that may be charged right after the credit card account is opened

• balance transfer

• over-the-limit fee

• introductory rate

An interest rate that may be charged depending on other factors, such as the prime rate.

• Annual fee

• Penalty APR

• Variable-rate APR

A yearly fee that may be charged for having a credit card

• Penalty APR

• Annual fee

• Cash advance APR

Charged when a cardholder does not make the minimum monthly payment by the due date

• Annual fee

• Late-payment fee

• Penalty APR

The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered.

• Late-payment fee

• Cash advance APR

• Penalty APR

Credit card applicants will always be accepted for the card they apply for, but they may have to pay a higher interest rate.

• True

• False