Credit Card Vocab Practice

What is a Credit Card Statement?

• The maximum amount that a person can owe on a credit card at one time.

• The due date, or the date the monthly payment must be received by the creditor.

• A periodic statement that lists all the purchases, payments and other debits and credits made to your credit card account within the billing cycle.

• A unique number that identifies a credit card holder.

What is the definition of Credit Line?

• The APR divided by 12; the rate of interest charged each month.

• The amount currently owed on a credit card.

• The difference between the maximum amount allowed and the actual amount owed on the credit card. How much you can still spend.

• The maximum amount that a person can owe on a credit card

What does the Monthly Periodic Rate refer to?

• The APR divided by 12; the rate of interest charged each month.

• The interest rate paid per year or charged per year.

• The lowest payment amount the credit card company will accept for the current billing period.

• The penalty charged if your payment is received after the due date.

What is the definition of Late Charge?

• The lowest payment amount the credit card company will accept for the current billing period.

• The penalty charged if your payment is received after the due date.

• A yearly fee that may be charged for having a credit card, independent of how you use the card.

• The due date, or the date the monthly payment must be received by the creditor.

What is the definition of Available Credit?

• The maximum amount that a person can owe on a credit card at one time.

• The amount currently owed on a credit card.

• The difference between the maximum amount allowed and the actual amount owed on the credit card. How much you can still spend.

• The APR divided by 12; the rate of interest charged each month.

What is the definition of Minimum Payment?

• The APR divided by 12; the rate of interest charged each month.

• The lowest payment amount the credit card company will accept for the current billing period.

• The penalty charged if your payment is received after the due date.

• A yearly fee that may be charged for having a credit card, independent of how you use the card.

What is a Credit Card?

• A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in monthly payments.

• The maximum amount that a person can owe on a credit card at one time.

• A unique number that identifies a credit card holder.

• The amount currently owed on a credit card.

What is the definition of Account Number?

• The APR divided by 12; the rate of interest charged each month.

• The maximum amount that a person can owe on a credit card at one time.

• A unique number that identifies a credit card holder.

• The amount currently owed on a credit card.

What is the definition of Payment Due Date?

• The APR divided by 12; the rate of interest charged each month.

• The lowest payment amount the credit card company will accept for the current billing period.

• The penalty charged if your payment is received after the due date.

• The due date, or the date the monthly payment must be received by the creditor.

Which is the definition of APR?

• The interest rate paid per year or charged per year

• The penalty charged when your payment is late

• The amount currently owed on a credit card

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