Keep your currency

1. APR on a credit card bill stands for “annual percentage rate” and is the cost of credit you are charged when you don’t pay the full amount each month. 

• TRUE

• FALSE

Any person can get and use a debit card.

• True

• False

A debit card does not have a line of credit (credit limit)

• True

• False

A debit card does not have a line of credit (credit limit)

• True

• False

It is more advantageous to use a debit card than a credit card for purchases.

• True

• False

By law, lenders must charge all consumers the same fixed interest rates.

• True

• False

If a credit card is lost or stolen, the maximum amount the cardholder must pay is $50.

• True

• False

Debit cards are the same as ATM cards

• True

• False

If a consumer does not make payments on a loan for a vehicle, the vehicle can be repossessed and sold by the creditor.

• True

• False

The 3 C’s that a creditor looks at when you apply for a credit card are: Character, Capital, Capacity.

• True

• False