Loans and Credit Cards

The amount charged if your payment is received after the billing due date.

• late payment fee
• overdue fee
• withdrawal fee
• loser fee

The maximum amount you are allowed to carry as a balance on the card

• interest
• ARP
• credit limit
• all of these

This is a fee that some, but not all, credit card issuers charge to use their credit card.

• APR
• annual fee
• monthly fee
• non-sufficient funds fee

The amount you must pay on a credit card, based on a percentage of the outstanding balance.

• minimum fee
• minimum payment
• monthly statement
• minimum monthly interest charge

Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these

Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.

• true
• false

Tags

CCSS.7.RP.A.3

What does APR stand for?

• American Peoples Reports
• Annual Progress Report
• American Percentage Rate
• Annual Percentage Rate

Tags

CCSS.7.RP.A.3

A withdrawal of cash from your credit card

• Cash Advance
• Borrower
• Credit Report
• Debit Card

A lower APR provided by a credit card company for a limited period of time.

• introductory rate
• penalty rate
• maximum rate

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Moving an unpaid balance from one open credit to another.

• grace period
• balance transfer
• cash advance