Credit Card Vocabulary

A Small Plastic Card Issued by the Bank; Allowing a Person to Purchase Goods/Services on Credit

• Debt

• Credit Card

• Debit Card

• Spending

If you did not have the money on hand to pay for something you might use this to purchase it with the promise to pay it later.

• Debit Card

• Credit Card

• Social Security Card

• Lay Away Card

Read the definition. Then choose the vocabulary term Defined. a card that enables a bank to pay for a good or service, and the buyer must repay the bank in the future

• Prepaid card

• Credit card

• Debit card

A card that allows you to borrow money up to a certain limit for purchases, which you must pay back later.

• A) Credit Card

• B) Debit Card

• C) Gift Card

• D) Store Card

What is the term for the maximum amount you can charge on your credit card?

• A) Credit Limit

• B) Credit Score

• C) Credit Report

• D) Credit History

Which of the following is a fee charged for borrowing money on a credit card?

• A) Interest

• B) Principal

• C) Dividend

• D) Premium

What is the term for the minimum amount you must pay on your credit card bill each month?

• A) Minimum Payment

• B) Full Payment

• C) Partial Payment

• D) Overdue Payment

What is the term for the period during which you can pay your credit card bill without incurring interest?

• A) Grace Period

• B) Billing Cycle

• C) Payment Window

• D) Interest-Free Period

What is the term for the record of your credit history, including your credit card usage?

• A) Credit Report

• B) Credit Score

• C) Credit Limit

• D) Credit Application

What is the term for the numerical expression based on your credit history, used by lenders to evaluate your creditworthiness?

• A) Credit Score

• B) Credit Limit

• C) Credit Report

• D) Credit History