Fill - Free fillable Form 41: UnderstandingaCreditCard (Mr. Breitsprecher's Business Ed Home Page) PDF form

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1.4.1.A5

©FamilyEconomics&FinancialEducation–RevisedMay2011–CreditUnit–UnderstandingaCreditCard

FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona



Byeducators…foreducators

UnderstandingaCreditCard



TotalPointsEarned



Name 

41

TotalPointsPossible



Date



Percentage



Class



Directions:Pleasematchthefollowingdefinitionswiththecorrectterms byplacingthecorrectletterinthe

spotindicated.

(1pointeach)



a. AnnualFee

b. AnnualPercentageRate(APR)

c. Balancetransfers

d. CreditLimit

e. Interest

f. Introductoryrate

g. Late‐paymen tfee 

h. Over‐the‐limitfee

i. PenaltyAPR

j. Variable‐rateAPR



1. ______Thechargeforborrowingmoney



2. ______Transf erringdebtfromonecreditcardto

another



3. ______Charg ediftheaccountbalancegoesoverthesetcreditlimit



4. ______Themaximumamountofchargesallowedtoanaccount



5. ______Thecostofcreditexpressedasayearlyinterestrate



6. ______Theinterestratethatmaybechargedrightafteracreditcard

accountisopened



7. ______Aninterestratethatmaychangedependingonotherfactors,suchastheprimerate



8. ______Ayearlyfeethatmaybechargedforhavingacreditcard



9. ______Chargedwhenacardholderdoesnotmaketheminimummonthlypaymentbythe

duedate



10. ______Theinterestratechargedonnewtransactionsifthepenaltytermsinthecreditcardcontract

aretriggered



Directions:Writeashortanswerforthefollowingquestions:



11. Isa13%or18%APRforacreditcardbetter?Why?

(2points)



Page|30

1.4.1.A5

©FamilyEconomics&FinancialEducation–RevisedMay2011–CreditUnit–UnderstandingaCreditCard



Byeducators…foreducators

12. Identifythreesafetytipswhenusingacreditcard.

(3points)



13. Whataretwoadvantagesandtwodisadvantagestocreditcards?

(4points)





14. Pleaseexplainthedifferencebetweenclose‐endandopen‐end(revolving)creditprovidingone

exampleofeach.

(4points)





15. Whatisthedifferencebetweenadebitcardandacreditcard?

(2points)



16. Howdocreditcardsaffectanindividual’scredithistory(whichincludesacreditreportandcredit

score)?

(1point)



17. Whatwillhappenifacard holdermakesalatecreditcardpayment?

(1point)



Page|31

1.4.1.A5



Byeducators…foreducators

18. WhataretwopositiveusesofcreditcardsANDtwo negativeusesofcreditcar ds

?(4points)



19. Summarizethreecardholderprotectionsthe2009CARDActcreated.

(3points)



Forthefollowingquestions,pleaseindicateifthestatementisTrueorFalsebywritingaTorFontheline.(

1

pointeach)



20. _______Havingnocredithistorycancauseanindividualtobede niedcredit.



21. _______Creditcardapplicantswillalwaysbeacceptedforthecardth eyapplyfor,buttheymay

havetopayahigherinterestrate.



22. _______Peopleundertheageof21cannever

receiveacreditcard.



23. _______TheTruthinLendingActlimitsanindividual’sliabilityforunauthorized creditcardcharges,

incaseacreditcardislostorstolen.



24. _______Itisbettertouseadebitcardratherthanacreditcardwhenpurchasingitemsonline.



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