Credit Cards

Credit cards are the same as debit cards. True or False

• True

• False

Mr. H has a total credit line of $5,000. His current balance is $1400. How much credit does he still have available?

• $6,400

• $3,600

• $5300

• $3,400

If you make a purchase with your credit card and pay it off that month, you will pay no interest. True or false?

• True

• False

What was the total for new purchases on this statement?

• $0

• $1,200

• $33.02

• $334.85

Mr. H's balance on his credit card from last month was $400. His monthly interest rate is 2%. How much will he be charged in interest?

(a)  

Draw something you might buy with a credit card.

Which of these would be a responsible use of a credit card?

• Making your car payment because you are a little short on money this month and will figure it out later.

• Spending $30 on new shoes for work and then paying off the credit card in 2 weeks.

You may be charged extra fees and your interest rate may go up if you make a late payment on your credit card. True or False

• True

• False

The lower your interest rate, the _______ you will pay in interest to borrow money.

• less

• more

Mr. H's balance this month is $334.86. If he makes the minimum payment of $45, what will his remaining balance be?

(a)