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Questions and Answers
What is the main benefit of using a credit card according to the text?
What is the main benefit of using a credit card according to the text?
- Having a higher credit limit
- Avoiding interest charges
- Earning interest on purchases
- Convenience compared to carrying cash (correct)
How is the interest usually calculated on credit card purchases?
How is the interest usually calculated on credit card purchases?
- Monthly
- Yearly
- Weekly
- Daily (correct)
What is a credit limit in relation to a credit card?
What is a credit limit in relation to a credit card?
- The maximum amount the cardholder is approved to spend (correct)
- The amount of interest charged on overdue payments
- The minimum payment required each month
- The maximum amount of money the bank can lend to the cardholder
What does the interest-free period typically apply to on a credit card?
What does the interest-free period typically apply to on a credit card?
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Which of the following is true about cash advances on credit cards?
Which of the following is true about cash advances on credit cards?
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What additional feature do some credit cards offer besides cash-back rewards?
What additional feature do some credit cards offer besides cash-back rewards?
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