Question 1

How do I read a credit card statement?

Accepted Answer

To read your credit card statement: check your statement balance (total owed), note the payment due date and minimum payment, review all transactions for accuracy, look at fees and interest charges, check your credit limit and available credit, and verify your rewards or points earned. Pay attention to the grace period to avoid interest.

Question 2

What is a Certificate of Deposit (CD)?

Accepted Answer

A CD is a savings product with a fixed interest rate and term (3 months to 5 years). You deposit money and can't withdraw without penalty until maturity. CDs typically offer higher rates than regular savings accounts.

Question 3

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

Question 4

What is Form 1099-INT?

Accepted Answer

Form 1099-INT reports interest income earned from banks, credit unions, and other financial institutions. You receive it if you earned $10 or more in interest. Use it to complete your income tax return.

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Frequently Asked Questions

How do I read a credit card statement?

What is a Certificate of Deposit (CD)?

Do checking accounts earn interest?

What is Form 1099-INT?

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