1. Test Drive – Credit Cards
Face Off
PLAY

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

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

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

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

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

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

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

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

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

11. $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

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

13. 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

14. $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

15. 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

16. 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