Credit Card Basics

Having a high credit score will allow lenders to give you lower interest rates.

• True
• False

Credit card issuers are required to disclose the terms and fees of credit cards in an easy to read box format is called

• Smucker Box
• Schumer box
• Shamer Box
• Shucker Box

Person or organization in need of credit

• Co-Signer
• Lender
• Borrower
• Creditor

The cost of credit expressed as a yearly interest rate

• EPA
• COD
• RATE
• APR

Maximum dollar amount loaned

• Credit Total
• Max of Credit
• Credit Limit
• Credit APR

The charge of borrowing money

• Credit Total
• Introductory Rate
• Interest
• Penalty APR

Transferring debt from one credit card to another

• Transfer Fee
• Deposit debt fee
• Penalty Transfer
• Balance Transfer

Charged when a cardholder does not make the minimum monthly payment by the due date

• Late- payment fee
• Late- payment reward
• Overtime Fee
• Payment Penlty

The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered

• Real APR
• Interest APR
• Late-Pay APR
• Penalty APR

A yearly fee that may be charged for having a credit card.

• Credit fee
• Balance fee
• Charge Fee
• Annual Fee