Grade 8: Understanding Credit Card Statements
This worksheet helps Grade 8 students understand the components of a credit card statement, including balances, payments, interest, and credit limits.
Includes
Standards
Topics
Grade 8: Understanding Credit Card Statements
Name:
Date:
Score:
Read each question carefully and answer to the best of your ability. Show all your work for calculations.
1. The total amount of money you owe the credit card company is called the .
2. The minimum amount you must pay by the due date each month is the .
3. If you do not pay your balance in full, you will be charged .
4. The maximum amount of money you are allowed to charge on your credit card is your .
1. Sarah's credit card statement shows a New Balance of $500. Her Minimum Payment Due is $25. If Sarah only pays the minimum payment, what will happen?
She will not be charged interest.
She will be charged interest on the remaining balance.
Her credit limit will increase.
Her account will be closed.
2. Which of the following is NOT typically found on a credit card statement?
Payment Due Date
Annual Percentage Rate (APR)
Your Social Security Number
Transaction History
1. John's credit card statement has a Previous Balance of $300. He made new purchases totaling $150 and a payment of $100. Calculate his New Balance.
2. Maria has a credit limit of $1,000. Her current balance is $750. How much more can Maria charge on her credit card before reaching her limit?
1. Paying only the minimum payment on a credit card will always save you money in the long run.
True
False
2. An Annual Percentage Rate (APR) is the yearly interest rate charged on credit card balances.
True
False
Match each term on the left with its correct definition on the right.
1. Credit Limit
a. The annual cost of borrowing money.
2. APR
b. The total amount owed on a credit card.
3. New Balance
c. The maximum amount you can charge.
1. Explain why it is important to understand your credit card statement, even if you don't have a credit card yet.