Credit Cards

A credit card represents

• free money.

• is the same as a debit card.

• a line of credit.

• All of the above.

A line of credit is

• the money you have in your bank account.

• a set amount of money that you are allowed to borrow.

• how many credit cards you have.

• None of the above.

Falling into serious credit card debt

• rarely happens to people.

• only happens to those that lose their job.

• can easily occur and happens to millions of Americans.

• None of the above.

The main reason why people fall into serious credit card debt is

• because they lose their job.

• because they don’t make enough money.

• irresponsible spending habits.

• All of the above.

The way you can stay out of credit card debt is

• don’t buy anything you can’t afford.

• by keeping track of your balance.

• by limiting the number of credit cards to one.

• All of the above.

The advantage of a credit card is the

• Lost or Stolen Safeguards.

• Purchase Protection.

• Recorder Keeping Ability.

• All of the above.

When shopping around to obtain a credit card, it is important to make sure it has

• a low interest rate and low fees.

• a high interest rate.

• a fancy perks and reward program.

• a high popularity rating.

A fee that you have to pay every year for using the credit card.

• Annual Fee

• Interest Rate

• Late Payment Fee

• Balance Transfer Fee

A fee that you are charged if you are late with a credit card payment.

• Late Fee

• Interest Charge

• Annual Fee

• Balance Transfer Fee

This is a charge for times when you go over your maximum credit card limit.

• Over-the-limit Fee

• Late Payment Fee

• Annual Fee

• Balance Transfer Fee