Question

match each part of a credit card with the definition.

credit card parts (right column): annual fee, annual percentage rate (apr), credit limit, grace period, minimum payment.

definitions (left column):

• a yearly fee that may be charged for having a specific credit card
• the interest rate you pay each year to borrow money, expressed as a percentage
• the smallest amount of a credit card bill that a credit card holder must pay
• the number of days you have to pay your bill in full before interest charges start.
• the limit set by the credit card company on how much you can charge on the card it issued to you.

Explanation:

• Annual fee: Matches "A yearly fee that may be charged for having a specific credit card".
• Annual Percentage Rate (APR): Matches "The interest rate you pay each year to borrow money, expressed as a percentage".
• Credit limit: Matches "The limit set by the credit card company on how much you can charge on the card it issued to you".
• Grace period: Matches "The number of days you have to pay your bill in full before interest charges start".
• Minimum payment: Matches "The smallest amount of a credit card bill that a credit card holder must pay".

Answer:

• Annual fee: A yearly fee that may be charged for having a specific credit card
• Annual Percentage Rate (APR): The interest rate you pay each year to borrow money, expressed as a percentage
• Credit limit: The limit set by the credit card company on how much you can charge on the card it issued to you
• Grace period: The number of days you have to pay your bill in full before interest charges start
• Minimum payment: The smallest amount of a credit card bill that a credit card holder must pay