WorksheetsAQR Credit VS Debit Cards
Total questions: 15
Worksheet time: 30mins
What is a credit limit?
The maximum amount you can spend using a credit card
The APR
A number that combines your age and credit score
Why should you use a credit card responsibly instead of a debit card when you are able to?
Because the bank is paying anyways
To increase my credit score
Because I might run out of money that is on the account connected to my debit card
A Debit Card…
is borrowed money you have to pay back later.
is linked to a savings or checking account.
has interest charges.
is money in cash form
One thing the credit card company looks at before approving you for a credit card is?
Where you live
What you plan to buy
Your credit report
What you do for a living
Which card has a limit to how much you can spend? For example your limit is $3000
Credit
Debit
Both
Checking Account
If you are trying to gain access to a credit card before you turn 21, which method relies on the support of your parent or guardian?
Applying for a secured credit card
Getting a co-signer
Opening up a checking account
Getting the card in your parent's name, but you pay the bill each month
What would be a reason to apply for a secured credit card?
Rebuild bad credit
Have an extra credit card
Interest rates are highes
Greater spending limit
How is your spending limit decided on a secured credit card?
Your credit score
Type of job you have
The kind of car you drive
The amount of your security deposit
Which of these transaction types on your credit card DECREASES how much you owe the credit card company?
Balance Transfers
Cash Advances
Payments
Interest Charged
A general rule of thumb is to keep your credit utilization at what percentage?
10%
20%
30%
50%
What term describes the amount you must pay in order to be considered "up-to-date" with your credit card payments?
APR
Minimum payment
Closing balance
90% of credit card company terms and conditions require reading at what grade level?
Elementary School
Middle School
High School
College
