Credit Cards

The microchip on the front of a credit card...

• replaces the account number

• is for extra security and to prevent fraud

• tells what kind of card it is

• none of the above

You do not have to pay interest on your debt if you pay off the balance within...

• 5 to 10 days

• 3 to 6 months

• 25 to 30 days

• 1 to 2 years

Visa and MasterCard are companies that...

• process credit card payments between banks and merchants

• give out most of the credit cards

• figure out your credit score

• set your credit limit

What is the main factor in figuring out a credit score?

• how much money you have

• your payment history

• the number of times you have applied for credit

• how long you have had a credit card

To get a student credit card, you must...

• be at least 18 years old

• have graduated from high school

• get good grades in college

• have someone who can pay for the card

How is a secured credit card different from other types of credit cards?

• You can only use it to buy certain types of things.

• You must have good credit to get one.

• You must have a co-signer on the account.

• You must give a cash deposit to cover your credit limit.

A credit score of 685 is considered...

• excellent

• fair

• poor

• good

What might happen if you don't make your credit card payment by the due date?

• Your card will be canceled.

• You will not be able to get another credit card.

• You will have to pay a late fee.

• none of the above