Credit Cards

What is a Credit Card?

• A plastic card that takes money out of your checking account

• A plastic card that allows you to buy things on credit

• A plastic card that has a specific dollar value

• A card giving you unlimited funds on credit to purchase goods + services

Which of the four types of debt does a credit card always represent?

• Secured

• Unsecured

• Revolving

• Non-Revolving

What % or Americans have Credit Card Debt?

• 15%

• 36%

• 48%

• 90%

What % of Credit Card holders cannot pay more than the minimum every month?

• 10%

• 40%

• 47%

• 55%

The average Credit Card Debt among Cardholders in the U.S. is _______________

• $1050

• $525

• $4575

• $7236

A "Transactor" - represented by 34% of Cardholders in the United States, is defined as:

• A consumer who pays the minimum balance each month

• A consumer who pays the entire balance each month

• A consumer who uses credit cards for all purchases

• A consumer who only uses debit cards to pay for goods and services

A payment card linked to your checking account that withdraws money immediately from your account is a:

• Store Credit Card

• American Express Card

• Debit Card

• None of the Above

A Plastic card issued by a financial institution that allows you to buy things on credit is:

• Prepaid Debit Card

• An ATM Bank Card

• A Credit Card

• Store Credit Card

A Credit Card limited to store use only is a:

• Bank issued Credit Card

• Student Credit Card

• Store Credit Card

• American Express Card

The difference between a CREDIT CARD (Visa/Mastercard) and a CHARGE CARD (American Express) card is:

• Credit Cards must be paid in full each month

• Credit Cards offers rewards but Charge Cardsdoes not

• Charge Cards must be paid in full each month

• Credit Cards calculate interest differently