Managing our credit card accounts wisely involves which of the following?

Fill in the blank: One of the steps to manage personal finance is to make a list of all our debts currently outstanding, the amounts owed, to whom, and at what ________ rates.

Fill in the blank: To reduce interest payments, move credit card balances we presently have to lower-interest accounts and never make convenience purchases on the accounts on which you carry a ________.

Fill in the blank: A good financial habit is to pay all our credit card balances in ________ each month.

Fill in the blank: Use student loans for direct education expenses only rather than to also pay for ________ expenses.

Fill in the blank: Choose installment loans based on the lowest annual percentage rate (APR) rather than monthly payment and number of years to ________.

Fill in the blank: With open-end credit, an account is opened in advance of any _________?

Fill in the blank: With open-end credit, you can borrow up to a specified ________ limit.

Fill in the blank: With open-end credit, a minimum payment must be paid ________ before the end of the grace period.

Fill in the blank: With open-end credit, the finance charge (interest) is based on the balance for the ________ period.

What is service credit? Service credit is granted to consumers by ________.

Travel and entertainment cards are issued by ________, with the full amount of the balance to be paid each month.

What are Prestige cards? Fill in the blank: Prestige cards are those with a _______ in the branding and often have higher credit limits.

What are Affinity cards? Fill in the blank: Affinity cards include the logo of a _______ organization, and a small percentage of the charges goes to that sponsoring organization.

What are revolving lines of credit typically used for?

Which of the following is an example of a revolving line of credit?

Fill in the blank: Home equity credit lines are a type of _____________.

Fill in the blank: Overdraft protection is an example of a _____________.

Open-ended credit is a type of credit that allows repeated borrowing up to a certain limit. Which of the following are examples of open-ended credit?

The basic features of bank credit cards include:

An unsecured line of credit differs from a home equity credit line in that:

What is the date called when your credit card statement is generated?

A key to managing credit card accounts is understanding the information in your credit or billing statement. What is the date called by which you must pay your credit card bill to avoid late fees?

A key to managing credit card accounts is understanding the information in your credit or billing statement. What are the dates called that show when transactions occurred and when they were posted to your account?

What is the term for the amount you still owe from previous billing cycles?

What is the term for the smallest amount you must pay on your credit card each month?

It can take ten years to pay off the balance on a credit card if only minimum payments are made.

What are the extra charges called that may be applied when you use your credit card for certain transactions?

What is provided by credit card companies when you return merchandise or when there are errors on your account?

What are the higher interest rates called that may be applied to your credit card if you miss payments or violate terms?

What is the typical percentage of the balance that the minimum payment on a credit card covers?

Making only the minimum payment on a credit card will significantly reduce the amount owed each month.

Making only the minimum payment on a credit card is considered a trap because:

The periodic rate is the ________ divided by the number of billing periods; typically 12.

The average daily balance is the total of all daily balances in the period divided by the ________ in the period.

What do you multiply to compute the finance charge?

Computation of finance charges: Most accounts have a ______ period.

Computation of finance charges: If the previous month’s balance was paid in full, are new purchases included in the average daily balance?

Computation of finance charges: Is there a finance charge due to the grace period?

What is the main task when working in groups with different sample credit card statements, as described in the instructions?

According to the information on 'Liability for Lost or Stolen Cards', are you responsible for any charges within the first two days after your card is lost or stolen?

According to the information on 'Liability for Lost or Stolen Cards', what is the maximum liability for any fraudulent use after two business days?

According to the information on 'Liability for Lost or Stolen Cards', what must you do to limit your liability for fraudulent use of a lost or stolen card?

Correcting errors on your credit statement: You must make your billing error complaint within ___ days being mailed the statement.

Correcting errors on your credit statement: The lender has ___ days to acknowledge notification.

The lender has ___ days to respond with a correction or affirmation that there was no error.

Correcting errors on your credit statement: The lender cannot penalize you during their investigation.

According to the steps for correcting errors on your credit statement, what should you do first?

Fill in the blank: To correct errors on your credit statement, you should send a ______ notice to the card issuer.

Which of the following is necessary when correcting errors on your credit statement?

Fill in the blank: When correcting errors on your credit statement, you should withhold payment for ______ items and, if possible, pay off remaining amounts.

After the dispute is settled, what should you review to ensure your file is corrected?

A statement date on a credit statement is the date when the statement is generated, while a payment due date is the deadline to pay the balance.

Distinguish between transaction and posting dates on a credit statement.

A penalty rate on a credit card is:

The liability for a lost or stolen credit card is:

Action steps to dispute an error on a billing statement include:

Depository institutions ______ money to their customers.

Sales finance companies lend money to ______.

Consumer finance companies make ______.

A sales finance company is:

To obtain an installment loan to finance a vehicle with a good credit rating and a low interest rate, we would go to:

Installment loans are what type of credit?

Single payment loans are repaid in a _______ at the end of the loan period.

Installment loans require periodic payments of, typically equally, interest and a portion of principal until the loan is fully repaid.

What is the loan contract called?

Which of the following is included in a promissory note?

A promissory note includes the type of _______ pattern.

Which of the following is NOT included in a promissory note?

A promissory note includes: Rules of the account, Type of repayment pattern, Interest rate and fees, and _______.

Fill in the blank: __________ loans have no collateral.

Which type of loan has collateral?

Fill in the blank: A __________ promises to pay if the primary borrower fails to do so.

Many individuals have which of the following as secured loans?

Which of the following is a common unsecured loan?

The differences if there is a default are:

What is an acceleration clause? Fill in the blank: An acceleration clause can make the principal and accrued interest ________ payable.

What does a deficiency clause state? Fill in the blank: A deficiency clause states that if the collateral is insufficient to pay what is owed on a defaulted loan, the lender can require payment of the ________ amount owed.

What does a recourse clause state? Fill in the blank: A recourse clause states what action the lender may make in the event of ________.

Fill in the blank: With ________, the interest rate varies over the term of the loan based on the movements of interest rates in the economy at large.

Which type of loan has an interest rate that remains the same over the life of the loan?

Which of the following is an example of an alternative high-priced loan?

Which of the following is NOT an example of an alternative high-priced loan?

Alternative lenders offer high-priced loans such as _________.

Secured credit cards are considered a type of alternative high-priced loan.

A single-payment loan is different from an installment loan in that:

The difference between a secured and an unsecured loan is:

Some people offer which of the following reasons for not having a relative co-sign a student loan?

An acceleration clause is:

The alternative lender that probably charges the highest interest rate is: