Credit and Debit Cards in India

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Questions and Answers

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?

  • Credit cards (correct)
  • Debit cards
  • Prepaid cards

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?

<p>Well-documented policy and Fair Practices Code (C)</p> Signup and view all the answers

How are finance charges calculated on credit cards?

<p>Based on the outstanding amount (D)</p> Signup and view all the answers

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