EverFi Module 3 Payment Types

Prepaid Card

LIMITS you from spending the amt. you have on your card.

If you are Planing to carry a large balance on ur Credit Card, which of the following Credit card features should you look for?

Low APR

Which of the following can INCREASE your Credit Card's APR?

MISSING a Credit Card payment

Debit Card

Money STRAIGHT from your Checking Account.

Which of the following payment types require you to pay upfront?

Money orders & Pre- Paid Cards

Credit Card

Offers MOST Fraud Protection when your Not @ home.

All of the following are fees typically charged by Credit Card Companies EXCEPT...

Reload Fee

Which of the following statements are TRUE bat Credit Cards? I. When you use a Credit Card, the money comes DIRECTLY Out of your account. II. Credit Cards typically offer MORE Protection than Debit Cards. III. Transactions made w a Credit Card can IMPACT your Credit Score.

Statement 2 & 3

Which of the Following is NOT True of Credit Cards?

They are the BEST Payment to Use when truing to stick to a budget

Which of the following will happen if you MISS a monthly credit card payment?

U will be CHARGED a LATE fee

Which of the following is TRUE of both Paying w a cheek and paying with debit card?

When used, BOTH take money DIRECTLY out of your bank account.

Which of the following payment types Requires you t pay UPFRONT?

All of the Above- a. Money Order b. Cashier's Cheek c. Pre-paid Card

interest

Amount owed for BORROWING Money

Which of the following tells you how much ur Credit Card introits will be if you Only pay the MINIMUM Balance each Month?

Annual Percentage Rate

APR

Annual percentage rate; the annual rate of interest that is charged for using credit ( Average APR>>>> 13 %)

Which of the Following are TRUE if you pay only the Minimum account each month towards your Credit Car Bill?

Both A & C a. You will be charged Interest on your Remaining Balance c. You may be in debt for a LONG time

How to avoid paying interest on a credit card

By PAYING your Balance in FULL Every Month!!

What is the Amount of money you still OWE to their Credit Card Company Called?

Credit Card Balance

Budgetting

Credit: CAN buy that you DON'T have Money for or might Not be able to afford. Debit: Can ONLY buy things Based on Money You DO have in ur Account.

Fraud

Credit: Offers PROTECTION against Fraud. Debit: Typically offers LESS protection.

Intrest

Credit: You MUST Pay the Balance AND Additional Interest. Debit: You pay NO Interest since you're not borrowing Money.

RePayment

Credit: Your BAROWING money $$$ that MUST be payed back. Debt: Your paying for Items with Money TAKEN Directly from your CHECKING account.

Credit History

Credit: Your Transactions CAN Improve or Damage your credit History. Debit: Your Transactions DON'T affect your credit History.

Which payment type can help you stick to a budget?

Debit cards

Which of the following statements bat Minimum Payments is INCORRECT?

If you send in the minimum payment, you WON'T be Charged a Late Fee.