Credit Card and Debt

What is "minimum payment"?

• Your balance was carried foward.

• The lowest amount you can pay.

• You missed your payment date.

• Your available credit.

What does "Past Due" mean?

• Your balance was carried foward.

• Your available credit.

• The lowest amount you can pay.

• You missed your payment date.

After spending money, you can no longer use your total credit line. What can you use instead?

• Your availabe credit

• The highest amount of credit you have.

• The lowest amount of credit you have.

• You would have to pay a late fee

Your balance from last month is still on your credit card statement. This means your balance was...

• Carried forward.

• Not paid in time.

• You owe a lot of money.

• You pay the lowest amount.

What could happen if you miss a payment?

• You are out of luck.

• You could have a late fee and your APR could increase.

• You don't need to worry about it.

• You should start stressing.

Why would you need a report number for?

• To get food for your friends.

• To get a car loan

• To contact your Credit Bureu.

• To contact family members.

A high FICO score means you have better credit than someone with a low FICO score.

• True

• False

How can a cardholder avoid paying interest on a credit card?

• Do not pay anything

• Pay the balance in full every month

• Pay the minimum balance every month

• Pay the minimum payment after its due date

Grace Period - The time allowed to pay your balance without being charged a finance charge. Usually 25 to 30 days. 

• False

• True

The rule of thumb for credit card users is not to carry a balance over 30% of your credit limit.

• False

• True