Credit Recap

What does APR mean?

• Annual Pricing Range

• Annual Percentage Rate

• Alternative Price Rate

• Alternative Percentage Range

What does the APR indicate?

• Fee charged for using the card

• Fixed Interest Rate on card

• Interest Rate you pay on the balance of the card

• Range of payments you can make on a credit card

Which of the following fees do we commonly see listed in the Schumer Box?

• Annual Feel

• Penalty Fees

• Transaction Fees

• All of these fees should be listed in the Schumer Box

What is the primary reason young people often obtain credit cards?

• Borrow Money

• Build a credit history

• Gain Interest on their spending

• Enables them to pay all their bills at a later time

True or False?

You should always us all the credit offered to you.

• True

• False

True or False?

Making minimum payments will help you pay off your card in a short period of time.

• True

• False

True or False?

Lower APRs mean that you will be paying less interest on a credit card balance.

• True

• False

True or False?

The APR for your credit card is the same as long as you have the same card.

• True

• False

What’s the difference between a credit card and debit card?

What is one piece of advice you would give someone who just got their first credit card?