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Personal Finance and Credit Card Terms
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Personal Finance and Credit Card Terms
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25 Questions

1. What is the exception for raising the rate on new purchases in the first year?

2. How long must teaser rates (including balance transfers of introductory APR's) be in effect for?

3. Cash Advance

4. When is completing a balance transfer a good thing?

5. Estimating Income

6. Where must payments in excess of the minimum must be first applied with a cash advance?

7. Planning Expenditures

8. Annual Percentage Rate

9. What encourages saving?

10. What must issuers indicate if you make only minimum payments?

11. How can cardholders reclaim the lower rate when assessing a penalty (default rate)?

12. T/F: There is no cap in the new legislation on how high interest rates can go so the credit industry will have higher APR's than ever before

13. T/F: The industry has been raising existing fees to higher levels

14. T/F: Credit cards will be easier for those who have poor or mediocre credit histories (people will need to show proof of income or proof of other savings)

15. Setting Financial Goals

16. Where can't issuers off sign-up gifts?

17. When must statements be mailed by which will result in a longer grace period?

18. Secured Loan

19. Late Fees

20. Balance Transfer Trap

21. Minimum Payment

22. Credit Limit

23. T/F: Card companies will offer fewer rewards as a way to save money such as American Express not allowing you to recoup your rewards if late on a payment

24. What is 'universal default' that issuers can no longer practice?

25. Minimum Payment Trap

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