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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 cost associated with taking a loan

• Total Credit

• Initial Rate

• Interest Rate

• 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 a yearly charge beneficial or detrimental?

• Beneficial!

• Detrimental!

What does the term 'minimum payment' imply?

• the least sum of money you are required to pay back - interest will be charged on the remaining balance

• the least sum of money you are required to pay back - no interest will be charged

• the highest sum of money that you can borrow using a card

• the sum that will be displayed on your bill

Only making the minimum payment will result in additional interest charges. This means you'll ultimately pay more for an item!

• True

• False

What should be your revolving credit utilization percentage?

• 25%

• 40%

• 35%

• 15%

The amount used for budgeting purposes.

• Gross

• Net