CM - U7L1 - FINE PRINT: Schumer Box

What is the APR (interest rate) on this card for Purchases made during the first six months that a cardholder has this card?

• 0%

• 15.24%

• 23.24%

• 25.24%

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Jordan gets confused and uses his credit card to get $40 in cash from an ATM instead of using his debit card. Based on this agreement, what is the impact of this decision?

• There is no impact since credit card and debit card terms tend to be the same.

• A $10 cash advance fee will be charged ONLY.

• An A.P.R. of 25.24% will be applied on the $40 until it is paid back ONLY.

• A $10 cash advance fee will be charged AND an A.P.R. of 25.24% will be applied on the $40 until it is paid back.

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Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A.P.R. on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year?

• She would have paid interest charges of $2,000.

• She would have paid interest charges of $20.

• The credit card company would have paid Louisa $20.

• She would have paid interest charges of $200.

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After the introductory period, all consumers who have this Platinum Card will...

• Pay the same A.P.R.

• Qualify for an A.P.R. based on their creditworthiness.

• Pay the Penalty A.P.R. of 30.24%.

• Be charged an Annual Fee.

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As you will see from this agreement, there are different A.P.R.s applied based on how the credit card is used.

Which transaction type has the highest A.P.R.?

• A.P.R. triggered by a late payment

• A.P.R. applied on Purchases made during the Introductory Period

• A.P.R. applied to a Balance Transfer

• A.P.R. applied to a Cash Advance

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Devon forgets to pay his credit card bill for three months. Which of the following statements is TRUE?

• A Late Payment fee will not be charged to his account.

• A Balance Transfer fee will be charged to his account.

• His A.P.R. (interest rate) will rise to 30.24% until he pays back the amount he owes.

• His A.P.R. (interest rate) will rise to 30.24% and stay there until he makes six consecutive minimum payments.

Tamara goes on a spring break trip with her school to visit historical sites in Italy. She purchases $200 of souvenirs while on the trip. She gets back to the U.S. and opens her credit card statement. What will be the balance in her account, assuming she had a zero balance prior to making these purchases and didn't make any other purchases?

• $0.00

• $200.00

• $206.00

• $6.00

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All of the following actions lead to the payment of a credit card fee EXCEPT...

• Using your credit card to get cash from an ATM.

• Using your credit card to purchase items in a foreign country.

• Paying your credit card bill ten days after the Due Date.

• Paying your credit card bill in full and on time every month.

Tasha decided to get this Platinum card since she saw the ads touting the "0% A.P.R. Platinum. Sign Up Now."

After reading this agreement, which of the following statements is TRUE?

• Her A.P.R will change after six months and be between 15.24% to 23.24% assuming that she has been making on-time payments during those first six months.

• She will not pay interest on any of the purchases she makes on this credit card for the first year.

• All her purchases on this credit card are FREE for the first six months.

• All her purchases on this card are FREE.

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Which of the following statements is TRUE?

• Assume that Tasha has had this credit card for a year. The A.P.R. on her card will remain the same as long as she has the card.

• 10. If Tasha misses a payment during the Introductory Period, her late payment fee will be waived for this period since she is a new customer.

• 10. Assume that Tasha only uses her credit card to make purchases. She pays the balance on her credit card in full and on time every month. As a result, she pays no interest to the credit card company.

• 10. Tasha pays an annual fee to use this credit card.

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