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WorksheetsCredit Cards
Total questions: 10
Worksheet time: 10mins
Name
Class
Date
1.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
2.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
Pay the balance in full every month
3.
The credit company can charge interest if the credit card bill is not paid in full by the due date
a)
True
b)
False
4.
It is best to pay more than the minimum due on your credit card.
a)
True
b)
False
5.
It would be best to have a high credit score
a)
True
b)
False
6.
A credit report is a report showing a borrower's history of how well they paid their bills.
a)
True
b)
False
7.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
8.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
9.
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you pay off first
a)
Chase Sapphire
b)
American Express
c)
Interest rate does not affect your minimum payments
d)
All of the above
10.
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you have paid more interest for?
a)
Chase Sapphire
b)
American Express
c)
You pay the same amount of interest for both
d)
All of the above
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