EverFi Module 3 Payment Types

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Which of the following payment types require you to pay upfront?

Money orders & Pre- Paid Cards

Prepaid Card

LIMITS you from spending the amt. you have on your card.

Credit Card

Offers MOST Fraud Protection when your Not @ home.

Debit Card

Money STRAIGHT from your Checking Account.

Electric Paymen


Credit: Your BAROWING money $$$ that MUST be payed back. Debt: Your paying for Items with Money TAKEN Directly from your CHECKING account.


Credit: You MUST Pay the Balance AND Additional Interest. Debit: You pay NO Interest since you’re not borrowing Money.

Credit History

Credit: Your Transactions CAN Improve or Damage your credit History. Debit: Your Transactions DON’T affect your credit History.


Credit: Offers PROTECTION against Fraud. Debit: Typically offers LESS protection.


Credit: CAN buy that you DON’T have Money for or might Not be able to afford. Debit: Can ONLY buy things Based on Money You DO have in ur Account.

Which of the following statements are TRUE bat Credit Cards?

I. When you use a Credit Card, the money comes DIRECTLY Out of your account.

II. Credit Cards typically offer MORE Protection than Debit Cards.

III. Transactions made w a Credit Card can IMPACT your Credit Score.

Statement 2 & 3

All of the following are fees typically charged by Credit Card Companies EXCEPT…

Reload Fee


Annual percentage rate; the annual rate of interest that is charged for using credit ( Average APR>>>> 13 %)


Amount owed for BORROWING Money

How to avoid paying interest on a credit card

By PAYING your Balance in FULL Every Month!!

Which of the following statements bat Minimum Payments is INCORRECT?

If you send in the minimum payment, you WON’T be Charged a Late Fee.

Which of the following tells you how much ur Credit Card introits will be if you Only pay the MINIMUM Balance each Month?

Annual Percentage Rate

Which of the Following is NOT True of Credit Cards?

They are the BEST Payment to Use when truing to stick to a budget

If you are Planing to carry a large balance on ur Credit Card, which of the following Credit card features should you look for?


Which payment type can help you stick to a budget?

Debit cards

Which of the following payment types Requires you t pay UPFRONT?

All of the Above- a. Money Order b. Cashier’s Cheek c. Pre-paid Card

Which of the Following are TRUE if you pay only the Minimum account each month towards your Credit Car Bill?

Both A & C a. You will be charged Interest on your Remaining Balance c. You may be in debt for a LONG time

Which of the following will happen if you MISS a monthly credit card payment?

U will be CHARGED a LATE fee

Which of the following is TRUE of both Paying w a cheek and paying with debit card?

When used, BOTH take money DIRECTLY out of your bank account.

Which of the following can INCREASE your Credit Card’s APR?

MISSING a Credit Card payment

What is the Amount of money you still OWE to their Credit Card Company Called?

Credit Card Balance

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