Name:
Date:
TYPES/TERMS OF CREDIT NOTES
1. What is credit?
2. Types of credit:
a. Installment credit
Example:
b. Revolving credit
Example:
3. Credit Terms & Vocabulary:
Principle
Finance Charge
A.P.R.

Purchases

Balance Transfers

Cash Advances

Figuring the $$$

Computing the Balance
 Average Daily Balance

Two Cycle Billing
Period:

Adjusted Balance

Introductory APR

Fixed Rate APR

Variable APR
Minimum Payment
Credit Limit
Grace Period
Fees

Late Payment Fee

Over-limit Fee

Balance Transfer Fee

Cash Advance Fee

Annual Fee
4. What has changed? (2009 Credit CARD Legislation – effective 2/22/10)
5. Differences in Debt
Good debt:
Example:
Bad debt:
Example:
BENEFITS of CREDIT
6.
The 3 C’s of credit are,
Explain:
C
DISADVANTAGES of CREDIT
C
7. Types of Credit Cards:
a. Retail card
b. Bank card
c. Secured card
d. Rewards card
e. Affinity card
8. What should you look for when selecting a credit card?
and C
9. What can you do to protect your credit card account?
10. How do these laws protect your use of credit?
Truth in Lending Law -
Fair Credit Billing Act -
Equal Credit Opportunity Act -
Remember....
Unauthorized Charges -
Resources to learn more:
What have you learned?