Credit Notes Part.2

What is the yearly cost to use a credit card called?

• Annual fees

• Interest charges

• Late payment fees

• Cash advance fees

What does APR stand for and what does it affect on your credit card?

• Interest rates; APR affects how high your payment will be.

• Annual Payment Requirement; APR affects your credit limit.

• Account Processing Rate; APR affects your rewards points.

• Automatic Payment Reminder; APR affects your billing cycle.

What is the period called between the billing date and the date payment is due, after which a late fee is charged?

• Grace period

• Interest period

• Penalty phase

• Settlement window

What is the minimum amount you must pay on your credit card to avoid a fee called?

• Minimum payment

• Credit limit

• Annual fee

• Cash advance

Which of the following is NOT a type of fee mentioned in the list?

• Late fee

• Cash advance fee

• Annual fee

• Failure to pay minimum balance fee

What is an example of an incentive for using a credit card? Fill in the blank: Incentives include cash back for every dollar charged and ______ earned that can be used for other items or credit.

• points

• receipts

• bills

• penalties

Why is it important to review your credit card statements monthly? Fill in the blank: Review monthly to ensure all charges are ______ and accurate.

• legitimate

• expensive

• frequent

• delayed

Which type of card creates a loan for purchase?

• Credit Card

• Debit Card

Money is taken from your checking account when you use a _________?

• debit card

• credit card

• gift card

• library card

You can get cash from an ATM for a fee and start a loan with a _________.

• credit card

• debit card

• gift card

• library card