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Personal Finance: Using Credit Cards
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Wise ways to use a Credit card are:
Pay off your balance every month. 
Use the card for needs, not wants.
Never skip a payment. 
Use the credit card as a budgeting tool. 
Use a rewards card.
Stay under 30% of your total credit limit.

Personal Finance: Using Credit Cards
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25 Questions

1. Michael has a credit limit and a balance of $3,000 on his Visa card- His car broke down, he charged the $500 repairs to his Visa which he knows put him over his credit limit for the month. His payment is due on the 20th so he made sure that he had his $750 payment to the post office on the 20th- Most likely, what penalties or fees, if any, will he incur?
2. According to a Nellie Mae study, 93 percent of graduate students would have liked more information on financial management topics before they started school and would like financial management education made available to them now.
3. Non-profit Credit Counselors should be avoided due to their high fees.
4. A(n) ________ card is a credit card that does not offer revolving credit and requires full payment of the balance at the end of each month.
5. People with high credit card balances still need to invest money on a regular basis.
6. One of the more important factors in determining your credit score is the length of your credit history.
7. What rights would a college friend of yours have whose credit card application was denied?
8. A secured credit card is a good tool to help establish credit.
9. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act established fee caps for cards- Card fees cannot total more than ________ of the initial credit limit.
10. Which of the following is not a single-purpose credit card?
11. Assuming the APR on your credit card is 18% and your average daily balance this month was 10,000, what will your interest or finance charges for the month be?
12. Susan has never seen a copy of her credit report- Which of the following is not a credit bureau?
13. When you use a credit card at a store, the store is generally charged a fee ranging from 1.5% to 5%- What is this fee called?
14. Typically, the credit card issuer allows you a grace period, which means
15. Susan was considering obtaining a new credit card but was told that too many applications for credit can cause one's FICO score to decrease?
16. Credit cards issued in conjunction with particular charities or organizations, like the Sierra Club or the Humane Society, that send a portion of their annual fee or percentage of their purchases back to the sponsoring organization are known as
17. What is the main distinguishing feature(s) for T&E cards?
18. Your credit score may affect how much you pay for health insurance.
19. Tawnya currently has six bank credit cards, five retailer credit cards, and a T&E card left over from when she was in sales- She wants to make sure her credit score is as high as it can be- What advice would you give her to improve her credit score?
20. The lowest FICO a consumer can achieve is
21. Leon is 28 years old and pays cash for everything he buys- He has never had credit in his name and never missed or been late on any bills he has ever had- He recently went online to check what his credit score was- Where do you think his credit score would be?
22. Which of the following is a disadvantage of credit cards?
23. According to a Nellie Mae study, ________ of graduate students would have liked more information on financial management topics before they started school and would like financial management education made available to them now.
24. One of the following lists constitutes the five Cs of credit- Select the correct one.
25. Credit card insurance is usually unnecessary since your liability on credit card losses is limited by law to

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