Credit Card Introduction:



Name:________________

Credit Card Introduction:

Please print and fill in this questionnaire by hand. Typed responses will not be accepted.

Use the link to find the information necessary to answer the questions:

Define the following:

|Grace Period | |

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|Credit Limit | |

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|Credit Report | |

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|Interest Rate | |

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|"Secure" Credit Card | |

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|Late Fees | |

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|Minimum Monthly Payment | |

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What happens if your credit card is lost or stolen?

Fill in the chart with 3 facts for each:

|Advantages of Credit Cards |Disadvantages of Credit Cards |

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Credit Card IQ Quiz: Write the answers (either True or False)

1)

2)

3)

4)

5)

6)

7)

Debt Calculator

1) Circle your purchase:

Bike Repair Used Car MP3 Player Vacation

2) What is your minimum payment? ______

3) If you enter you're minimum payment, how long will it take to pay for your purchase? ______

4) If you enter you're minimum payment, how much will you end up paying in total?______

5) How much more will you end up paying for the purchase because of credit card interest?_______

6) What is you're maximum payment

7) If you enter you're maximum payment, how long will it take to pay for your purchase? ______

8) If you enter you're maximum payment, how much will you end up paying in total?______

9) How much more will you end up paying for the purchase because of credit card interest?_______

Is it better to pay the minimum or maximum payment for a credit card purchase? Why?

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