Question 1 How many credit cards does the average family have: – A. 3 – B. 6 – C. 8 – D.10 Answer: 8
Question 2 144 million people have credit cards. How many do you think pay them off in full: A. 100 million B. 110 million C. 80 million D. 55 million D. 55
Question 3 Credit card companies name for a person who pays off all of their bill: A. Positive Person B. Mr. Carlson C. Deadbeat D. Revolver C. Deadbeat
Questions 4 Average credit card debt for an American? A. 2000 B. 4000 C. 1000 D. 8,000 D. 8000
Question 5 How many days does a card company have to give before changing terms of service A. 90 days B. 50 days C. 15 days D. 1 day C 15 days
Credit Card Terms Annual Fee A flat, yearly charge similar to a membership fee, usually $25 to $50. Finance ChargeThe dollar amount you pay to use credit, includes interest costs and all charges associated with the transaction. Annual Percentage RateThe APR is the measure of the cost of credit expressed as a yearly rate. – Basically the Average of your interest rate – Fixed Rate-Stays the same – Variable Rate-Changes after a few months
Credit Card Terms Grace Period The grace period is the number of days you have before a credit card company starts charging interest on new purchases. Not all credit cards have a grace period. Transaction Fees A fee for a cash advance, a late payment, or going over your credit limit. Sometimes there is a monthly fee if you did not use the card.
1. What is a yearly charge you get from a credit card? 2. What is an introductory rate? 3. What is the difference between a fixed rate and variable rate for a credit card? 4. What is an APR? 5. How do people get their APR reduced? 2 things