COPYRIGHTED MATERIAL
Reflecting on… Credit Card Craze
LET’S PRACTICE
Name: _____________________________________________________________________________
Credit Card Cred
Questions 1-13 are based on the credit card billing statement sample in the chapter text. 1. According to the Summary of Account Activity , did the card holder carry over a balance from the prior billing cycle? _____________ 2. How much did the cardholder pay on the last month’s statement? ___________ 3. How much has the cardholder charged on the card this month? _ ______________________________________________________________________________ 4. What is the cardholder’s credit limit ? ___________ 5. How much available credit does this cardholder have and what’s your advice about being this close to the credit limit ? Based on that advice, what is the maximum balance this cardholder should have on this card? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 6. When is the statement closing date and what does that mean? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 7. When does the grace period start? ___________ 8. What is the payment due date ? ___________ 9. In order to avoid interest charges on the purchases made in this billing cycle, when should the cardholder make their credit card payment? _________________________________________________________________________________ 10. If the card holder makes only minimum payments and makes no other charges on the card, when will they have paid off the current balance? ___________ 11. If the card holder makes only minimum payments and makes no other charges how much will they have paid in order to borrow $1786? _______________ 12. If the card holder is even one day late on payments, what fee will be charged? _ ______________________________________________________________________________ PRODUCT PREVIEW
Chapter 13 | Credit Card Craze 254
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