Test Drive – Credit Cards Face Off PLAY

Question #1 What is the name of this Credit Card? Surge Credit Card ANSWER

Question #2 When is the payment due? 7/12/15 ANSWER

Question #3 If ODP is used to cover a check, how would it appear on the credit card statement? Cash Advance ANSWER

Question #4 What is the credit limit? $1,000 ANSWER

Question #5 When was the bill issued? 7/3/15 [Statement Date] ANSWER

Question #6 What is the current balance? $654.50 [New Balance] ANSWER

Question #7 How much more can this person borrow without exceeding the credit limit? $345.50 [Available Credit] ANSWER

Question #8 How much can this person pay on time to avoid fees, but not avoid interest? $15 [Minimum Payment] ANSWER

Question #9 How much does this person have to pay on time to avoid paying interest and fees? $654.50 [New Balance] ANSWER

$300 [30% of the credit limit] Question #10 What is the maximum amount each billing period this person should borrow to build his credit? $300 [30% of the credit limit] ANSWER

Question #11 How much was charged in fees in the last billing cycle? $0 [Fees] ANSWER

Question #12 What are the consequences of paying a credit card bill late that are not noted on the credit card bill? You can expect a number of consequences, such as, defaulting into the penalty APR rate, late fees, and an impact on credit history and credit score. ANSWER

$95.28 Shopping Mall [Apparel/Gifts] Question #13 What was the most expensive new charge during the previous billing cycle? $95.28 Shopping Mall [Apparel/Gifts] ANSWER

Question #14 True or False: Credit cards are never a good idea to have. [Use for classroom discussion: If you use a credit card responsibly, you can use a credit card to build credit history, a credit score, and earn reward points.] ANSWER

Question #15 True or False: Credit cards are always a good idea to have. [Use for classroom discussion: Some people cannot use credit cards responsibly. They overspend, lose track of their balance, or cannot make payments on time.] ANSWER