WorksheetsReading a Credit Card Statement (NGPF)
Total questions: 7
Worksheet time: 8mins
In reviewing your Summary Account Activity in section #1, you notice FEES CHARGED $69.45. Go to section #8 to see what the fees are for. The fees include all of the following EXCEPT...
Late Payment Fee
Balance Transfer Fee
Cash Advance Fee
Annual Fee
How much do you currently owe on this credit card?
(Hint: Look in section #2)
$535.07
$785.00
$1,784.54
$529.57
Before making a payment on this credit card, you go to a bicycle store. Approximately how much can you spend before going over the credit limit on your card?
(Hint: Look in section #1)
$0, you are already over your credit limit
$200
$500
$2,000
A general rule of thumb is to keep your credit utilization rate at 30% or lower. What is your approximate credit utilization rate for this billing cycle?
(Hint: Credit Utilization Rate = New Balance/Credit Limit)
30%
50%
70%
90%
You were charged interest of $6.31 for purchases (near section #8). Why?
You paid off your entire balance from the month before.
You had a balance of $535.07 from the previous month and only paid $450.00 so you didn't pay the balance in full.
You borrowed more than your credit limit and were charged interest on the amount you borrowed over your limit.
The credit card company paid you interest for the purchases you made on their credit card.
Take a look at section #4 on the statement. How much money can you save in interest by paying $62.00 a month until your balance is paid off versus paying the minimum payment each month until your balance is paid off?
$3,284
$9
$2,232
$1,052
Although you owe a total of $1,784.53 this month, you are only required to pay a small portion of this to stay in good standing with the credit card company. How much is the least amount you can pay towards this bill this month?
(Hint: See section #2.)
$62
$53
$9
$0, you don't have to pay anything at this time.
