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Comparing Credit Cards: Key Things to Consider

Learn about annual fees, interest rates, credit limits, and more when comparing credit cards. Find the best option for you.

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Comparing Credit Cards: Key Things to Consider

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  1. THIS IS Cool Credit

  2. Cool Credit Applause Final Cool Credit Credit Potpourri Applying for Credit Credit Cards Student Loans Types of Credit Your Credit Report 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500

  3. One of several key things to look for when comparing credit cards. Click for answer A 100

  4. What is? • annual fee • other fees • interest/APR • grace period • credit limit A 100

  5. If you usually carry a balance on your credit card, this is the first thing you should look for when shopping for one. Click for answer A 200

  6. What is the lowest interest rate (APR)? A 200

  7. The age that young adults need to be to apply for credit without a co-signer or proof of income. Click for answer A 300

  8. What is 21? A 300

  9. A key disadvantage of using credit. Click for answer A 400

  10. What is interest? A 400

  11. The document you must sign before receiving a federal student loan. Click for answer A 500

  12. What is the master promissory note (MPN)? A 500

  13. This card deducts money directly from your checking account; while this card creates a balance that needs to be repaid. Click for answer B 100

  14. What is a debit card; and what is a credit card? B 100

  15. An extra charge for not paying your credit card bill by the due date. Click for answer B 200

  16. What is a late fee? B 200

  17. The term for the maximum amount of moneya cardholder can charge. Click for answer B 300

  18. What is a credit limit? B 300

  19. The term for the period of time a cardholder has to pay their credit card balance without paying interest. Click for answer B 400

  20. What is a grace period? B 400

  21. The maximum dollar amount for which you are legally responsible if your credit card is lost or stolen. Click for answer B 500

  22. What is $50? B 500

  23. A record of an individual’s personal credit history. Click for answer C 100

  24. What is a credit report? C 100

  25. The only “government approved”, truly free website from whichyou can request a credit report. Click for answer C 200

  26. What is www.annualcreditreport.com? C 200

  27. One of several ways you can establish and keep a good credit history. Click for answer C 300

  28. What is? • pay bills on time • borrow only what you need • don’t apply for too many cards C 300

  29. DAILY DOUBLE DAILY DOUBLE DAILY DOUBLE C 400

  30. The three major credit reporting agencies. Click for answer C 400

  31. What are? • Equifax • Experian • TransUnion C 400

  32. The four parts of a credit report. Click for answer C 500

  33. What is? • personal information • credit history • public records • inquiries C 500

  34. The name of the application you must file every year to receive federal student loans. Click for answer D 100

  35. What is the FAFSA (Free Application for Federal Student Aid)? D 100

  36. Six-month period of time after you graduate or drop below half-time that you arenot required to make student loan payments. Click for answer D 200

  37. What is a grace period? D 200

  38. Three options available to borrowers who can’t afford their student loan payment. Click for answer D 300

  39. What is? • change repayment plans • deferment • forbearance D 300

  40. The website to access your student loan debt information. Click for answer D 400

  41. What is www.nslds.ed.gov (National Student Loan Data System)? also studentloans.gov studentaid.gov D 400

  42. Four of many consequences for defaulting on a federal student loan. Click for answer D 500

  43. What is? • withholding of federal/state tax refunds, Soc. Sec. benefits, etc. • referral of account to collection agency • wage garnishment • damage to credit rating • loss of eligibility for further financial aid • loss of deferment entitlement and flexible repayment options • civil lawsuit • requirement to pay the loan(s) in full • denial of employment by government agency • loss of professional licenses D 500

  44. Name for the type of loan that is secured by real estate. Click for answer E 100

  45. What is a mortgage? E 100

  46. Type of loan that can be made by a financial services institution (e.g., bank) for the purchase of a vehicle. Click for answer E 200

  47. What is a car (auto) loan? E 200

  48. The type of loan all students may borrow for their education after high school regardless of their credit. Click for answer E 300

  49. What is a Federal Student Loan? E 300

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