Credit Cards

This card is linked to a checking account

• Credit

• Debit

• Both

Users can set up a personal security code called a PIN number

• Credit

• Debit

• Both

Customers spend the money in their accounts at the time of purchase

• Credit

• Debit

• Both

Users borrow money from the bankk on the card and pay it at a later time

• Credit

• Debit

• Both

Purchases are subject to interest charges if the balance is not paid in full

• Credit

• Debit

• Both

Users can sometimes be responsible for an annual fee or other penalties

• Credit

• Debit

• Both

What is an annual fee?

• The act of transferring money

• A fee charged by a card issuer for being a card holder.

• The days between the last statement and the current statement.

Student Credit Cards are:

• Easier to qualify for than regular Credit Cards

• An excellent way to begin building your credit score

• All the above

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

What is the best way to avoid credit card debt? Choose the best answer.

• Use several credit cards to avoid putting too much money on one card.
• Don't spend more money than you have.
• Only pay the minimum payment on card at the end of the month