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Responsibilities & Costs of Credit
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Responsibilities & Costs of Credit

What is credit? : Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date . The amount charged if your payment is received after the billing due date: late payment fee. The maximum amount you are allowed to carry as a balance on the card: credit limit. This is a fee that some, but not all, credit card issuers charge to use their credit card: annual fee. The amount you must pay on a credit card, based on a percentage of the outstanding balance: minimum payment. Benefits of credit cards include:: all of these. All of the following are examples of closed end credit EXCEPT:: A credit card. People who pay off their credit card balance in full each month pay less interest than those who do not: true. The rate at which interest is charged on a credit card account is expressed in terms of its:: Annual Percentage Rate. Which one is considered a danger of using a credit card: leads to overspending. Your credit score is not configured off of which of the following:: Where you live. All of the following are examples of benefits of credit, EXCEPT:: Can tie up future income. One of the 5 C's of credit that shows a person's willingness to pay is: character. One of the 5 C's of credit that shows one's ability to pay is: capacity. The highest FICO credit score is : 850. To build a good credit history, you should: pay on time and as much of your balance as possible

Grade:Grade 7_AI, Grade 8_AI
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