Charge It!

Which of the credit card terms below is most important to consider if you expect to carry a balance on your credit card from time to time?

• Annual Fee

• Annual Percentage Rate (APR)

• Late Fee

• Over-The-Limit Fee

What is the main source of information credit card companies use to decide whether to issue you a credit card?

• Personal References

• Balance Computation Method

• Truth In Lending Disclosure

• Credit Report

What should you do when choosing a credit card?

• How you plan to use the credit card

• Read and compare credit card terms

• Determine which credit card is best for you

• All of the above

If you carry a balance on your credit card and would like to pay less interest and pay off the balance faster, you should:

• Make the minimum payment every month

• Talk with your credit card company about removing your annual fee

• Pay more than the minimum payment (as much as possible) each month

• Close your account and continue to transfer your balance each month to a different card

Are you eligible to receive a free credit report from each credit reporting agency once every 12 months?

• Yes

• No

Who should you call first if your credit card has been lost or stolen?

• A credit reporting agency

• The merchant where you last used the card

• The credit card company

• The police

What steps can you take to avoid identity theft? Select all that apply.

• Protect your computer

• Shred financial information before throwing it away

• Share your passwords and personal info with friends

• Provide financial info to a stranger that calls or emails you

How can you reduce the interest you pay on a credit card and the time to pay off the debt? Select all that apply.

• Skip making the minimum payment

• Pay more than the minimum payment

• Pay the minimum payment

• Pay off the balance in full each month

which of the following accurately describes credit cards?

• They always allow you to make unlimited number of purchases with no set dollar limit

• They are used to purchase goods and services and pay for them over time

• You must always pay the balance in full each month

• When you purchase items, the money is withdrawn from your checking account

Which of the following are examples of using credit cards responsibly? Select all that apply.

• Apply for multiple cards

• Pay off your balance each month or more than your minimum payment

• Pay your bill on time

• Accept offers to skip your monthly payment