Terms to Know when Choosing a Credit Card Quiz Stats

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Description Credit Term % Correct
The cost of the loan expressed as a percentageAnnual Percentage Rate
77.1%
The length of time that the lender charges NO interest on borrowed moneyGrace Period
64.1%
Amount that a consumer is charged for paying past the due dateLate fee
62.9%
The maximum amount of money the lender is willing to loan an applicantCredit Limit
49.4%
The fee a credit card company charges for the use of the cardAnnual fee
49.4%
Fair Issac Company is responsible for FICO score
46.5%
Amount the consumer must pay for charging more than permittedOver the limit fee
38.8%
The area on a credit card application that states key facts about the agreement to the consumerSchumer Box
36.5%
Description Credit Term % Correct
Low interest rate offered for a short period of time to entice you to sign up for creditIntroductory Rate
35.9%
Business that collects credit information about consumers and sells that information to creditorsCredit Bureau
31.8%
The length of time you have to pay the loanLoan Term
17.6%
The total cost of using credit, including interest and feesFinance Charge
16.5%
The charge for setting up the loanOrigination Fee
15.3%
One time loan given to a consumer for a specific purpose. i.e. car loan, home loan, school loanInstallment Credit
14.1%
Credit given to a consumer in advance that can be used for a variety of purposes, ie. a credit cardNon-Installment Credit
10%

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Created Apr 18, 2011ReportNominate
Tags:credit, Credit Card, description, term

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