Module 5.3: Credit Card Statement

How much do you currently owe on this credit card?

$1,784.53

Before sending in your payment to the credit card company, you go to a bicycle store. Approximately, how much can you spend before going over the credit limit on your card?

$200

At the Penalty APR rate of 28.99% and a balance of about $1800, approximately how much interest would you owe in one month?

$40

In reviewing your account statement, you see a Balance Transfer Fee. Based on the information you see in the statement, what would be the fee if you transferred $3,000 from another credit card?

$90

It is April 19, 2012 and you suddenly remember that your credit card bill is due the next day. You have the money in your checking account to pay the bill in full. The mailing address for the credit card company is a few thousand miles away so you assume that it will take a few days for your check to arrive. What should you do?

Access your credit card account online to see if they have online options available that will get the payment to them by April 20th.

In reviewing your Summary Account Activity (#1), you notice FEES CHARGED of $69.45. This fee was assessed on your account for the following reasons EXCEPT...

Annual Fee

Which of the following statements is FALSE?

If you pay the MINIMUM PAYMENT of $53.00, you will not have to pay interest for the balance you still owe.

Which of these transaction types DECREASE how much you owe the credit card company?

Payments

The statement says that you've triggered the Penalty APR so that it has now increased to 28.99%. What action triggered this?

You failed to pay the minimum payment by the due date.

You were charged interest of $6.31 for Purchases (near section 8). Why?

You had a balance of $535.07 from the previous month and only paid $450.00 so you didn't pay off your balance in full.