FA Final

Person or organization in need of credit

• Co-Signer
• Lender
• Borrower
• Creditor

Maximum dollar amount loaned

• Credit Total
• Max of Credit
• Credit Limit
• Credit APR

The charge of borrowing money

• Credit Total
• Introductory Rate
• Interest
• Penalty APR

Charged when a cardholder does not make the minimum monthly payment by the due date

• Late- payment fee
• Late- payment reward
• Overtime Fee
• Payment Penlty

A yearly fee that may be charged for having a credit card.

• Credit fee
• Balance fee
• Charge Fee
• Annual Fee

Is an annual fee a good or bad?

• Good!

• Bad!

What is a minimum payment?

• the minimum amount of money you can pay back - you will have to pay interest on the unpaid balance

• the minimum amount of money you can pay back - you will NOT have to pay interest

• the maximum amount of money that you can borrow with a card

• the amount that will be shown on your bill

Paying only the minimum payment will cost you interest. You will end up paying a lot more for an item in the end!

• True

• False

What should be your revolving utilization percent?

• 20%

• 35%

• 30%

• 10%

The amount used for budgeting purposes.

• Gross

• Net