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Questions and Answers
Which party is NOT involved in credit card transactions?
Which party is NOT involved in credit card transactions?
- The issuing bank
- The acquiring bank
- The customer (cardholder) (correct)
- The retailer
Which type of card allows users to buy now and pay later?
Which type of card allows users to buy now and pay later?
- Credit cards (correct)
- Debit cards
- Prepaid cards
What is the minimum payment required on credit cards every month?
What is the minimum payment required on credit cards every month?
- Minimum of 10% of outstanding amount every month (correct)
- Full payment on or before the due date
- Outstanding converted into EMIs
What is necessary for banks to undertake credit card business in India?
What is necessary for banks to undertake credit card business in India?
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How are finance charges calculated on credit cards?
How are finance charges calculated on credit cards?
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