Understanding Credit Cards

What is the minimum credit score?

• 300
• 600
• 500
• 400

What is the maximum credit score?

• 850
• 750
• 900
• 700

What is the average credit card interest rate?

• 15%

• 5%

• 35%

• 24%

What does APR stand for?

• Annual Payment Rate
• Adjusted Payment Rate
• Annual Percentage Rate
• Average Percentage Rate

If your APR is 24%, what is your monthly interest?

• 3%
• 5%
• 1%
• 2%

What is the range for annual fees for a credit card?

• $0 to $5

• $10 to $100

• $95 to $500

• $500 to $700

Which of the following is NOT true when it comes to missing credit card payments?

• Credit Card companies will usually forgive you

• Your credit score drops

• You have Late Payment Fees

• Your interest rate goes up

Credit card grace periods are typically

• 10 to 15 days
• 21 to 25 days
• 30 to 35 days
• 5 to 10 days

What percentage should you keep your credit utilization under

• 10%
• 50%
• 75%
• 30%

All credit cards have the same annual fee, credit limit, and APR.

• True

• False