Understanding credit cards Quiz Welcome to your Understanding credit cards Quiz Please click "Next" What is a Credit Card? it's a card that contains the money that you have saved up It's a card that let's you borrow money that you need to repay it's a cards that collects points, but cannot be used to make purchases What is a monthly credit card bill? It's a monthly list of transactions and a total amount that needs to be repaid It's a document that you sign when obtaining a credit card It's a document that should be carried everywhere with the credit card If Linda's credit card bill balance is $300 and she made a minimum payment of $10, would she be charged interest on the remaining balance? Yes No Impossible to determine If the credit card interest rate is 25% and the monthly balance is $100, how much interest would have to be paid in one month? $250 $25 $125 How is credit card limit determined? Based on how much you exercise per week Based on your grades at school Based on how diligently you repay your debts Time's up
