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Credit Cards

Credit Cards. 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.

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Credit Cards

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  1. Credit Cards

  2. Question 1 • How many credit cards does the average family have: • A. 3 • B. 6 • C. 8 • D.10 • Answer: 8

  3. 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

  4. 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

  5. Questions 4 • Average credit card debt for an American? • A. 2000 • B. 4000 • C. 1000 • D. 8,000 • D. 8000

  6. 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

  7. Credit Card Terms • Annual FeeA 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

  8. 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 FeesA 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.

  9. 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

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