FINE PRINT: Schumer Box

What is the APR (interest rate) on this card for Purchases made during the first six months that a cardholder has this card?

• 0%

• 15.24%

• 23.24%

• 25.24%

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Jordan gets confused and uses his credit card to get $40 in cash from an ATM instead of using his debit card. Based on this agreement, what is the impact of this decision?

• There is no impact since credit card and debit card terms tend to be the same.

• 1. A $10 cash advance fee will be charged ONLY

• 1. An A.P.R. of 25.24% will be applied on the $40 until it is paid back ONLY.

• A $10 cash advance fee will be charged AND an A.P.R. of 25.24% will be applied on the $40 until it is paid back.

3. Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A.P.R. on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year?

• 1. She would have paid interest charges of $2,000.

• 1. She would have paid interest charges of $20.

• 1. The credit card company would have paid Louisa $20.

• 1. She would have paid interest charges of $200.

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4. After the introductory period, all consumers who have this Platinum Card will...

• 1. Pay the same A.P.R.

• 1. Qualify for an A.P.R. based on their creditworthiness

• 1. Pay the Penalty A.P.R. of 30.24%

• 1. Be charged an

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5. As you will see from this agreement, there are different A.P.R.s applied based on how the credit card is used. Which transaction type has the highest A.P.R.?

• 1. A.P.R. triggered by a late payment

• 1. A.P.R. applied on Purchases made during the Introductory Period

• 1. A.P.R. applied to a Balance Transfer

• 1. A.P.R. applied to a Cash Advance

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6. Devon forgets to pay his credit card bill for three months. Which of the following statements is TRUE?

• 1. A Late Payment fee will not be charged to his account.

• 1. A Balance Transfer fee will be charged to his account.

• 1. His A.P.R. (interest rate) will rise to 30.24% until he pays back the amount he owes.

• 1. His A.P.R. (interest rate) will rise to 30.24% and stay there until he makes six consecutive minimum payments.

7. Tamara goes on a spring break trip with her school to visit historical sites in Italy. She purchases $200 of souvenirs while on the trip. She gets back to the U.S. and opens her credit card statement. What will be the balance in her account, assuming she had a zero balance prior to making these purchases and didn't make any other purchases?

• 1. $0.00

• 1. $200.00

• 1. $206.00

• 1. $6.00

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8. All of the following actions lead to the payment of a credit card fee EXCEPT...

• 1. Using your credit card to get cash from an ATM.

• 1. Using your credit card to purchase items in a foreign country.

• 1. Paying your credit card bill ten days after the Due Date.

• 1. Paying your credit card bill in full and on time every month.

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Josephine decided to get this Platinum card since she saw the ads touting the "0% A.P.R. Platinum. Sign Up Now." After reading this agreement, which of the following statements is TRUE?

• 1. Her A.P.R will change after six months and be between 15.24% to 23.24% assuming that she has been making on-time payments during those first six months.

• 1. She will not pay interest on any of the purchases she makes on this credit card for the first year.

• 1. All her purchases on this credit card are FREE for the first six months.

• 1. All her purchases on this card are FREE.

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Which of the following statements is TRUE?

• 1. Assume that Josie has had this credit card for a year. The A.P.R. on her card will remain the same as long as she has the card.

• 1. If Josie misses a payment during the Introductory Period, her late payment fee will be waived for this period since she is a new customer.

• 1. Assume that Josie only uses her credit card to make purchases. She pays the balance on her credit card  in full and on time every month. As a result, she pays no interest to the credit card company.

• 1. Josie pays an annual fee to use this credit card.