WorksheetsAvoid Credit Trap 2
Total questions: 10
Worksheet time: 6mins
What is one of the rules for using your credit card?
Always use your grace period
Annual Percentage Rate
Do not break the Golden Rule
Use your card twice a month
This is a credit card that has an asset (cash) deposited into an account to secure the loan. Good introductory step to build your credit.
authorized user
credit card account
debit card account
secured credit card
This is the interest rate the credit company will charge you on a daily basis, 1 day or the APR divided by 365.
Grace period
annual fee
Daily rate
Minimum Amount Due
This is if you missed payments for six months, the credit company will write off your debt as uncollectable and negatively impacts your credit score.
Grace period
Annual Percentage Rate
charged off
Cash advance
What does M.A.D. stand for?
Moving Annual Dividends
Minimum Amount Done
Minimum Amount Dividends
Minimum Amount Due
This is the lowest amount the credit card company will allow each month for you to pay off.
Minimum Amount Due
Electronic Funds Transfer
Credit trap
Credit Fee
This is a type of loan without an underlying asset.
Secured loan
Debit card
Credit card
Unsecured loan
What is a tomorrow account?
Savings account
Money market account
Certificate of Deposit
Checking account
When you make a payment with a credit card, who is being contacted?
Your checking account
Your bank account
Your credit account
Your savings account
This is the interest rate the credit company will charge you on a yearly basis.
(a)
