Credit Cards

Go to: www.aie.org
Click on student and After College and managing your money
Find: Reading a Credit Card Statement and answer the following:
1. What is the minimum payment amount !"#.##
$. What is the re%uired minimum payment percentage $&
'. (ist the total credit limit a)aila*le: !$+,-"..#
What does total credit limit a)aila*le mean /he amount of money you currently
ha)e left on your credit card after su*tracting your current *alance.
,. (ist the cash ad)ance A01: $1.22& purchases A01:1".22&
". 3escri*e what a *alance transfer is and what happens is charged when you transfer a
*alance from another credit card. 4our credit card company will send you checks to help pay
o5 that credit card. /he *alance is transferred when you use one of these checks to pay the
amount due on the card.
-. Where should the payment *e mailed6locate address7 089 Card :er)ices 0; 8o< 222
=oney)ille+ =A
>. What is the customer?s new *alance !$"',.$#
.. @ow much was the Anance charge !',.$# What is a Anance charge /he Anance
charge is calculated *y multiplying the a)erage daily *alance+ the daily periodic rate+ and the
num*er of days in the *illing cycle.
:kip: Find: Credit Card Skill Builder and answer the following:
1. (ist the di5erences *etween the following cards:
0remium )s. Gold )s. 0latinum
$. 0ick a card+ charge your items.
'. @ow much did you spendBBBBBBBBBBB
,. What is your minimum payment due BBBBBBBB
". 0ay the minimum. What were your interest charges BBBBBB /otal costs BBBBBBBBB
Cum*er of months to pay o5 BBBBBBBBB
Find: Credit Card Repayment
1. A $& minimum payment+ !1### at 1'& interest would *e paid o5 in 1$., years
$. A 1#& minimum monthly payment + !1### at 1'& would *e paid o5 in 1$., years
Find: Credit Scores and Reports and Reading Credit Report
1. Who does Donathan =oneymaker work for 1eally 8ig Company Enc.
$. (ocate his loan through (onecomet Credit.
What is his current *alance !#
'. What was his highest *alance !11+""2
,. What type of loan was this Automo*ile
". Es the loan opened or closed Closed
Find: Credit Scores
1. What is a credit score and what does it tell you 4our credit score reFects your
creditworthiness at a gi)en point in time. 9sed *y mortgage lenders+ car loan lenders+ credit card
companies+ landlords+ cellGphone companies+ and e)en potential employers+ your score is the key
to your Anancial life.
$. (ist the " categories and their percentage of impact: Credit =i< 1#&+ Cew Accounts and
Credit 1e%uests 1#&+ (ength of Credit @istory 1"&+ /otal Ende*tedness '#&+ 0ayment @istory
'"&
'. (ist " ways you can impro)e your score: pay your *ills on time+ get current with missed
payments+ don?t close unused credit cards+ keep *alances low+ don?t open unneeded credit
accounts
,. What is the *est score range >-#G."# /he worst score range"##G">2
". What are $ things that create a %uick hit on your credit score
9npaid medical *ills and parking tickets+ @ea)y credit use can lower your score+ e)en if
you pay large *alances o5 in full in a short time