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5.3-FINE PRINT: Credit Card Statement

Authored by Kim Hewett

Life Skills

9th - 12th Grade

Used 2+ times

5.3-FINE PRINT: Credit Card Statement
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9 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

In reviewing your Summary Account Activity (#1), you notice FEES CHARGED of $69.45. This fee was assessed on your account for the following reasons EXCEPT…

Late Payment Fee

Balance Transfer Fee

Cash Advance Fee

Annual Fee

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

How much do you currently owe on this credit card?

$535.07

$785.00

$529.57

$1,784.53

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of these transaction types DECREASE how much you owe the credit card company?

Balance Transfers

Cash Advances

Payments

Interest Charged

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Before sending in your payment to the credit card company, you go to a bicycle store. Approximately, how much can you spend before going over the credit limit on your card?

$0, you are already over your credit limit

$200

$500

$2000

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A general rule of thumb is to keep your credit utilization rate at 30% or lower. What is your approximate credit utilization rate for this current billing cycle? (Hint: Credit Utilization Rate = Balance / Credit Limit)

30%

50%

70%

90%

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The statement says that you’ve triggered the Penalty APR so that it has now increased to 28.99%. What action triggered this?

You paid your last bill online in full by the due date.

You paid only the minimum payment by the due date.

You failed to pay the minimum payment by the due date.

You failed to pay your late payment fee.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

At the Penalty APR rate of 28.99% and a balance of about $1800, approximately how much interest would you owe in one month?

$30

$40

$60

$100

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