Credit Cards using Technology

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

• Late Fee
• Credit Limit
• Payment amount
• Minimum Payment

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

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

• True
• False

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

• True
• False

It would be best to have a high credit score

• True
• False

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

What is one advantage of having a credit card?

• It prevents you from spending more than you earn.
• It allows you to make purchases without carrying lots of cash.
• 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 less than the original amount of money you charged.
• You end up owing more 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.

What is a credit score?

• What lenders use to see if you are able to pay back credit
• 3 numbers
• What your score on a test is that was worth credit

What type of credit is a credit card?

• Single-Payment
• Installment Credit
• Revolving Credit