Financial Algebra: Credit & Savings, Shopping, Credit cards

Amount charged if your payment is received after the billing date

• late payment fee
• overdue fee
• withdrawal fee
• loser fee

Interest may be charged.

• Debit card
• Credit card
• Both

Users borrow money on the card and pay it at a later time

• Credit

• Debit

• Both

The highest amount that can be

charged to your credit account is called?

• credit limit

• free period limit

• minimum payment limit

• APR limit

The least amount of money required to

be paid each month is called what?

• grace period payment fee

• credit score fee

• minimum payment

• maximum payment

Your credit score is a point value of how well you have handled

credit in the past, and how you may handle credit in the future.

• True

• False

Extra money in the form of fees and interest that a

consumer pays in addition to the amount they borrowed.

(a)  

The highest amount of money that can be charged on a credit card account.

(a)  

A three-digit number rating a consumer as a credit

risk; A measure or “grade” of creditworthiness.

(a)  

Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these