Basic Credit Card Review

Credit is the ability to _________ and ____________ later. 

• Buy now; pay
• Save now; spend
• defer later; pay now
• see; smell

Which of the following is not a typical type of credit

• Credit Card
• Mortgage
• Savings Account

• Student Loan

People use credit cards because it is easier than___________________.

• bartering
• carrying cash
• trading
• using the visa card

A person should shop around with different lenders to find the best interest rate.

• True
• False

Which of the following is not considered an advantage of using a credit card?

• Credit cards eliminate the need for any savings

• Credit cards are useful in emergencies
• You can take advantage of rewards offered by credit cards

• Credit cards can be cancelled if lost or stolen

Which is NOT one of the three credit reporting agencies?

• Equifax

• Vanguard

• Experian

• TransUnion

A consumer will develop a positive credit history if they:

• Maintain reasonable amounts of unused credit

• Pay phone and utility bills on time

• Avoid opening too many new accounts

• All of the above

Which of the following would be considered the best credit score?

• 450
• 500

• 850
• 1050

Which of the following is not one of the 3 C's of credit?

• Calculation
• Character
• Capital
• Capacity

How can a cardholder avoid paying interest on a credit card?

• Pay the minimum each month
• Pay the balance in full each month
• Only use a credit card for balance transfers
• Interest is always paid on a credit card