Exam 6: Using Credit

The Consumer Credit Protection Act is also known as the

When comparing credit cards,a person who pays his total outstanding balance off monthly would want a card with

It is recommended that you never give your credit card account number out over the phone.

Disclosure of finance charges on your account statements is regulated by the

As well as being among the cheapest forms of consumer credit,these offer shelters from taxes:

Mike has a MasterCard with an annual fee of $25,18% interest,and a $1,000 credit limit.He always pays the total outstanding balance monthly.His most recent monthly statement lists last month's payment,new charges this month totaling $1,500,and a $30 fee.That fee is most likely the result of

Ann Marie accumulated a large balance on her credit card while in college.She is trying to get it paid off as quickly as possible and wants to roll the balance onto a new credit card.She now uses a credit card only for emergencies.What should Ann Marie look for in a credit card given the large balance and the way she plans to use the card?

Which of the following household appliances could help you protect yourself against identity theft?

The two most popular bank credit cards are VISA and MasterCard.

Revolving credit lines are often accessed by writing checks.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -[American Express | VISA] is an example of a bank credit card.

When canceling a credit card,you should cut up the card and ____ that you are canceling your account.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement. -A credit bureau must send you a free copy of your credit file [whenever you ask | if you have been denied credit within the past 60 days].

The General Motors card and Citibank's Drivers Edge card are examples of ____ cards.

A debt safety ratio of 5% would generally be a signal of financial trouble ahead.

College alumni organizations often sponsor an affinity credit card that helps support the organization.

A ____ is an agency that provides credit information about individual borrowers to lenders.

Unsecured lines of credit provide tax advantages if you itemize deductions.

Student credit cards typically require that one be enrolled in a 2- or 4-year college/university and

____ does not represent a line of credit.