Credit Card Basics
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Questions and Answers

What is the primary function of a credit card?

  • To borrow money (correct)
  • To invest in stocks
  • To earn interest
  • To save money

    • What is the purpose of a credit card agreement?

  • To outline the repayment terms
  • To calculate the interest rate
  • To outline the terms and conditions for using a credit card (correct)
  • To set the credit limit

    • What is the grace period in a credit card?

  • The number of days between a borrower's statement date and when payment is due (correct)
  • The time between the payment due date and the statement date
  • The time between the credit limit and the minimum payment
  • The time between the statement date and the payment due date

    • What is the penalty for late payment on a credit card?

    <p>Late payment fee</p> Signup and view all the answers

    What is the purpose of a Schumer Box in a credit card agreement?

    <p>To show basic information about the card's rates and fees</p> Signup and view all the answers

    What is the difference between a regular credit card and a secured credit card?

    <p>The requirement of collateral</p> Signup and view all the answers

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