APR EXAM STUDY GUIDE 2026 COMPLETE
QUESTIONS WITH ANSWERS GUARANTEED
TO PASS
▶ Over-the-Credit Limit Fee. Answer: The fee that may be imposed if your
outstanding balance exceeds your credit limit. It is very important to keep
track of your balance, especially when using multiple cards.
▶ Minimum Monthly Payment. Answer: The minimum dollar amount that
must be paid each month to prevent a credit card account from being
delinquent. The amount is based on the percentage of your Outstanding
Balance or a minimum fixed amount.
▶ Transaction Fees. Answer: Most issuers charge a fee if you use the
card to get a cash advance, if you fail to make a payment on time or if you
exceed your credit limit. Some may charge a flat fee every month whether
you use the card or not. The type of transaction fees depends on the credit
card company.
▶ Outstanding Balance. Answer: The amount of money you still need to
pay on your card
▶ Universal Default. Answer: a practice in which a credit card company
changes a customer's interest rate because the customer has credit
problems
▶ Credit. Answer: An arrangement to receive cash, goods, or services
now and pay for them in the future.
▶ Credit bureau. Answer: company that collects information about your
credit history and sells it to lenders
▶
QUESTIONS WITH ANSWERS GUARANTEED
TO PASS
▶ Over-the-Credit Limit Fee. Answer: The fee that may be imposed if your
outstanding balance exceeds your credit limit. It is very important to keep
track of your balance, especially when using multiple cards.
▶ Minimum Monthly Payment. Answer: The minimum dollar amount that
must be paid each month to prevent a credit card account from being
delinquent. The amount is based on the percentage of your Outstanding
Balance or a minimum fixed amount.
▶ Transaction Fees. Answer: Most issuers charge a fee if you use the
card to get a cash advance, if you fail to make a payment on time or if you
exceed your credit limit. Some may charge a flat fee every month whether
you use the card or not. The type of transaction fees depends on the credit
card company.
▶ Outstanding Balance. Answer: The amount of money you still need to
pay on your card
▶ Universal Default. Answer: a practice in which a credit card company
changes a customer's interest rate because the customer has credit
problems
▶ Credit. Answer: An arrangement to receive cash, goods, or services
now and pay for them in the future.
▶ Credit bureau. Answer: company that collects information about your
credit history and sells it to lenders
▶
