Lesson 14
1. Annual fee: Once-a-year cost of a credit card
2. Annual percentage rate (APR): Yearly interest rate charged on outstanding balances
3. Credit line: Maximum amount that can be charged
4. Cash back/rewards: Benefits from the company for spending certain amounts.
5. Balance: The amount of money in a savings or checking account
6. Minimum payment: The lowest amount of money required monthly
1. What is the purpose of the Fair Credit Reporting Act? It provides you with a free copy of your credit report every 12 months at your request
2. What is the purpose of the Equal Credit Opportunity Act? Prohibits credit discrimination
3. What is the purpose of the Fair Credit Billing Act and the Electronic Fund Transfer Act?
4. What is the purpose of the Fair Debt Collection Practices Act? Prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.
2. Annual percentage rate (APR): Yearly interest rate charged on outstanding balances
3. Credit line: Maximum amount that can be charged
4. Cash back/rewards: Benefits from the company for spending certain amounts.
5. Balance: The amount of money in a savings or checking account
6. Minimum payment: The lowest amount of money required monthly
1. What is the purpose of the Fair Credit Reporting Act? It provides you with a free copy of your credit report every 12 months at your request
2. What is the purpose of the Equal Credit Opportunity Act? Prohibits credit discrimination
3. What is the purpose of the Fair Credit Billing Act and the Electronic Fund Transfer Act?
4. What is the purpose of the Fair Debt Collection Practices Act? Prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.