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Credit Cards and Online Shopping

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  1. Credit Cards andOnline Shopping

  2. What is a plastic card that authorizes the delivery of goods and services in exchange for future payment with interest, according to a specific schedule.
  3. Credit card

  4. Who must be repaid if you use a credit card?

  5. The Card Issuer (Credit Card Company)

  6. If you do not pay your credit card off completely each month, what will interest be calculated on?

  7. Old and New Purchases

  8. When you receive the credit card statement, you should

  9. Take a few minutes to ensure it is accurate

  10. You will not pay any _____ on your purchases if you pay the entire amount in full each month.

  11. interest

  12. Borrowing money from the credit card company is known as a

  13. Cash Advance

  14. Interest on a cash advance begins ____ and makes it an expensive way to borrow money.

  15. Immediately

  16. If given an advanced notice, what can the credit card company do?

  17. Change the interest rateChange the late fee chargesChange the terms of credit

  18. What can be included on your credit card statement?

  19. Credit LimitDue DatePayments and CreditsPurchases or New Charges

  20. Some of the benefits of using a credit card include

  21. Buy Now – Pay LaterConvenience

  22. True/FalseWhen shopping online, know exactly with whom you are dealing.

  23. True

  24. True/FalseWhen shopping online, confirm the seller’s physical address and phone number in case you have problems or questions and need to contact them.
  25. True

  26. True/FalseWhen shopping online, know exactly what you are buying by carefully reading the seller’s description of the product, including fine print.
  27. True

  28. True/FalseWhen shopping online, know exactly the terms of the deal including refund policy.

  29. True

  30. True/FalseWhen shopping online, know exactly how much you will be charged including shipping and taxes.

  31. True

  32. True/FalseWhen shopping online, pay by credit card or charge card.

  33. True

  34. True/FalseWhen shopping online, print and save records of your online purchases.

  35. True

  36. True/FalseWhen shopping online, check the site’s security.

  37. True

  38. A ____ in the http of the web site means that it is a secured site.

  39. S

  40. True/FalseWhen shopping online, check the site’s privacy policy.

  41. True/FalseThere is no difference between online payment and escrow services.

  42. False

  43. When should you be suspicious of online payment or escrow service?

  44. When the site contains misspelled words or claims to be affiliated with the government

  45. Benefits of shopping online include:

  46. Stores never closeNo parking problemsNo aggressive salespeopleEasy to compare products and pricesNo local sales tax

  47. Costs of shopping online include:

  48. Must wait for deliveryShipping and handling feesDifficult to negotiate priceCannot physically see or handle

  49. A consumer line of credit that can be used up to a certain limit or paid down at any time

  50. Revolving Credit

  51. True/FalseCredit cards promote “impulse spending” and overspending

  52. True

  53. Who does the credit card company pay?

  54. The Merchant

  55. When do you pay interest on your credit card?

  56. If you do not pay off in full each month

  57. What are some reasons for shopping around for a credit card?

  58. Interest rates will varySpecial incentives will vary

  59. Credit cards are considered

  60. Revolving credit

  61. True/FalseDebit cards and credit cards offer the same protection online or locally.

  62. False