Credit Card Project

What is a credit card?

• Free Money

• A card you charge money on with no limit and pay in full every month

• A card that allows you to borrow funds and gives you a statement at the end of the month.

• Cash

What is an interest rate?

• Percentage charged if the minimum payment is not payed on time.

• Payment that is always added to your bill every month.

• Extra money.

• $5

Can Interest Rate cause credit card debt?

• Yes every time.

• No never.

• Maybe

• Idk

Answer explanation

Credit cards already have notoriously high interest rates, so any additional increase can just make your unpaid balance balloon even more over time and make it more difficult to pay off. But if you pay it off quickly enough you can get yourself on track before getting into debt.

What is a benefit of credit cards?

Select all that apply.

• Build Credit

• Earn Rewards

• Easy Record Keeping

• Having access to money even when you don't actually have it

What is the danger of credit cards?

Select all that apply.

• Temptation to overuse and go into debt.

• Fees

• Credit score damage

• Fraud

What is the range of credit scores?

• 0-100

• 1-5

• 300-850

• 250-900

How old do you have to be to open a credit card?

• 18

• 21

• 25

• 100

What is credit score used for?

• Loans, cars, house

• Pets

• Sneakers

• Waterbottle

What is a minimum payment?

• When you pay whenever you want

• Paying every 2 months

• The smallest payment you can make per month to avoid fees

• Not paying

What does APR stand for?

• Anti Pet Room

• Annual Payment Rate

• Ants Porcupines Rats

• Annual Percentage Rate