Everfi Module 3 Payments Questions
and Answers 100% Pass
Paying more than the minimum payment can ✔✔help you get out of debt faster
If you're already in debt, try to avoid ✔✔missing a credit card payment, as it can lead to
additional late fees and even raise your APR
The average minimum payment only equals 2 to 3% of your total debt, so making only the
minimum payments on your credit card bill may ✔✔keep you in debt for a long time
pay more than the minimum
When choosing a credit card, look for ✔✔annual fees, changes to your APR, and other finance
charges
Credit card rewards programs can be appealing, but ✔✔be sure you understand how they work
beforehand
, If you charge something to your credit card and don't pay off the full balance before the next
billing cycle, you'll be ✔✔charged interest
Credit cards typically charge high ✔✔APRs
You can avoid paying high interest rates by paying off your credit card in ✔✔full each billing
cycle
Credit cards allow you to build your credit history and may protect you against fraudulent
charges, but also come with ✔✔high interest rates on any outstanding balance
Debit cards can help you stick to a budget, but ✔✔beware of spending more money than you
have in your account. This can lead to overdraft fees and interest payments
Unlike credit cards, debit cards will not ✔✔build your credit or provide as much protection from
fraudulent charges
With certain paper payment methods - like cash, cashier's checks, and money orders - you are
providing ✔✔the money for a purchase upfront
and Answers 100% Pass
Paying more than the minimum payment can ✔✔help you get out of debt faster
If you're already in debt, try to avoid ✔✔missing a credit card payment, as it can lead to
additional late fees and even raise your APR
The average minimum payment only equals 2 to 3% of your total debt, so making only the
minimum payments on your credit card bill may ✔✔keep you in debt for a long time
pay more than the minimum
When choosing a credit card, look for ✔✔annual fees, changes to your APR, and other finance
charges
Credit card rewards programs can be appealing, but ✔✔be sure you understand how they work
beforehand
, If you charge something to your credit card and don't pay off the full balance before the next
billing cycle, you'll be ✔✔charged interest
Credit cards typically charge high ✔✔APRs
You can avoid paying high interest rates by paying off your credit card in ✔✔full each billing
cycle
Credit cards allow you to build your credit history and may protect you against fraudulent
charges, but also come with ✔✔high interest rates on any outstanding balance
Debit cards can help you stick to a budget, but ✔✔beware of spending more money than you
have in your account. This can lead to overdraft fees and interest payments
Unlike credit cards, debit cards will not ✔✔build your credit or provide as much protection from
fraudulent charges
With certain paper payment methods - like cash, cashier's checks, and money orders - you are
providing ✔✔the money for a purchase upfront
