Credit

Question 1

ATM

Answer 1

Using your credit card to get cash from an automated teller machine

Question 2

Balance payer

Answer 2

Someone who pays off his or her entire credit card balance each month

Question 3

Credit

Answer 3

Borrowing money and promising to pay it back later

Question 4

Credit card solicitations

Answer 4

Advertisement sent in the mail inviting you to apply for credit cards

Question 5

Credit cards

Answer 5

Plastic cards used to make purchases on credit

Question 6

Credit inquiry

Answer 6

A lenders check of your credit rating

Question 7

Credit line

Answer 7

The maximum amount you can borrow on a credit card

Question 8

Credit rating(history)

Answer 8

A detail record of past borrowing and credit payments

Question 9

Debit cards

Answer 9

Plastic cards used to pay for purchase with funds you have in the bank account

Question 10

Grace period

Answer 10

Time period following your credit card statement date where no interest is charged if paid in full during grace period

Question 11

Interest

Answer 11

Fee paid to a lender for use of money

Question 12

Interest rate

Answer 12

Annual percentage which when multiplied by your credit card balance equals the interest charge

Question 13

Late fee

Answer 13

Yearly fee charged by some credit cards

Question 14

Loan consolidation

Answer 14

Paying off all of your current loan balances by taking out one new, large loan

Question 15

Minimum payment amount

Answer 15

The minimum amount you must pay this month

Question 16

Purchase enabler

Answer 16

Using a credit card to make transactions where you already have the money in the bank and will pay the bill off in each month

Question 17

Store credit cards

Answer 17

Cards issued by specific stores, for use in that company’s stores only

Question 18

Teaser rates

Answer 18

Low, temporary interest rates offered by some credit cards

Question 19

Debit cards

Answer 19

Plastic cards used to pay for purchases that are withdrawn from funds you have in a bank account

Question 20

Late fee

Answer 20

Fee charged for a late payment

Question 21

Annual fee

Answer 21

Yearly fee charged by some credit companies