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Tracking and Managing Credit Card Expenditures

Quiz by Mark Stegall

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10 questions
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  • Q1
    Statements about cash advances
    A cash advance with your credit card is like taking out a loan
    The interest rate on cash advances is generally higher than the interest rate charged on purchases
    A cash advance is when you pay cash in advance toward your credit card bill
    When you use your card to take out a cash advance, you always are charged interest
  • Q2
    Statements about minimum payments
    If you pay the minimum payment you will most likely carry a balance and be charged interest
    It is good idea to pay only the minimum payment so that you can get a better credit score
    If you pay less than the minimum payment, your interest rate may be raised to a higher APR
    The minimum payment warning on your credit card statement tells you how long it will take to pay off your bill if you only pay the minimum payment
  • Q3
    Statements bout the APR:
    A credit card may have one APR for the first months that you have a card and ten raise the APR after this introductory period
    The APR on your credit card can change if you are late paying your bill by one day
    The APR takes into account when the interest rate is compounded and the timing of your payments
    The APR on you credit card is the same for cash advances and purchases
  • Q4
    Statements about credit card fraud
    If is a good idea to tell your credit card company if you are going to make a purchase outside your usual
    Credit card companies want to avoid fraud so they do not have to pay for fraudulent charges
    If someone other than you is using the card, it is not considered fraud because the card has your name on it
    You should check your statement online to see if there are any charges you do not recognize, as these charges could be fraudulent
  • Q5
    Statement about penalties
    You can be penalized if you pay less than the minimum payment
    Your account agreement statement is like a contract, which means the credit card company cannot change the APR after you have signed the credit card application
    When the credit card company changes your APR because of a penalty, they are not required ever to restore the APR to the previous lower rate
    You can be penalized if the credit card company receives your payment after the payment due date
  • Q6
    Statements about viewing your balance
    Online viewing of your account is one way to catch fraudulent use of your card
    All transactions such as payments, cash advances, and purchases can be seen in real time online
    You should share your PIN and account number with friends so that they can remind you to check your account balance online
    Your account balance can be viewed online if you sign up for online access with your credit card company
  • Q7
    Statements about interest charges
    When you use your card to take out a cash advance, you always are charged interest
    As long as you have a balance for two consecutive billing periods, you will be charged interest
    Interest charges are required by law never to exceed the amount of the original charge
    You can avoid interest charges if you always pay your bill in full and on time
  • Q8
    Statements about paying your bill
    When you are late with your bill, you are only charged interest for the time between when the payment was due and when the company received your payent
    Paying your bill as soon as you geti it is a good idea. The interest you are charged if you are late is much higher than the interest you received in you savings account
    Being timely in paying your credit card bill improves your credit rating
    If you are having trouble paying your bill, you should contact the credit card company to discuss changing the terms of your payment
  • Q9
    Statements about credit card fees
    Late fees are less if you are only a few days late and greater if you are more than a week late
    Annual fees are charged whether you use your credit card or do not use your credit card
    Cash advance fees usually have minimum amount and then go up as a percentage of the cash you take out as an advance
    "No fee cards" refer to cards that do not have annual fees
  • Q10
    Statements about balance transfers
    Balance transfers are charged a lower interest rate than cash advances
    Balance transfers are charged a lower interest rate than purchases
    You can transfer the balance you owe on one credit card to another credit card

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