WorksheetsCredit Cards and Student Loans
Total questions: 17
Worksheet time: 10mins
What is the main risk of only making the minimum repayment on a credit card?
You get cash rewards
Your balance reduces quickly
You pay more interest over time
Your credit score improves
What does "interest-free period" on a credit card mean?
You won’t be charged interest if you pay in full by due date
You never pay interest
You pay less tax
The bank pays your bills
Which of these is a consequence of missing multiple credit card payments?
You win a prize
Your credit limit increases
Your credit score goes down
You earn reward points
What is the typical interest rate on credit cards in NZ?
2–5%
10–12%
18–25%
30–35%
Which of the following is a smart use of a credit card?
Buying things you can’t afford
Paying off the full balance every month
Ignoring statements
Using it for every small purchase
What is a credit limit?
The amount you earn each week
The amount of interest you pay
The maximum amount you can borrow on your credit card
The total cost of your student loan
What happens if you pay your credit card bill late?
You get a bonus
You avoid interest
You may be charged late fees
Your debt disappears
Who manages student loans in New Zealand?
NZQA
Ministry of Education
StudyLink
MSD
When do most NZ students start repaying their student loan?
While studying
When they turn 25
When they earn over the threshold
Immediately after borrowing
What is the current income threshold for repaying a student loan in NZ (as of 2024/25)?
$14,000
$21,268
$50,000
$100,000
Are student loans in NZ interest-free?
No
Only for some subjects
Yes, if you live in NZ
Only if you get top grades
How often do you need to apply for your student loan and allowance?
Once for your whole degree
Every year
Every semester
Every time you move house
What’s a good reason to borrow only what you need in a student loan?
You don’t want to look greedy
You’ll get a reward
You’ll have less to pay back later
The government will cancel your loan
How much can you borrow for course related costs each year with your Student Loan?
(a)
How much can you borrow for Student Loan living costs each week?
$323.43
$383.43
$423.43
$233.43
How long can you live overseas before your student loan starts charging interest?
6 months
6 weeks
12 months
18 month
(a) is the cost of borrowing money, shown as a percentage.
