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Questions and Answers
What is a potential disadvantage of prepaid cards?
What is a potential disadvantage of prepaid cards?
- High interest rates for cash advances
- Ability to build credit history
- Access to reward programs
- Limited consumer protection in case of loss or theft (correct)
Which of the following is a common advantage of prepaid cards?
Which of the following is a common advantage of prepaid cards?
- Ability to earn high interest on deposits
- Access to long-term loans
- No risk of accumulating debt (correct)
- Eligibility for overdraft protection
What is a potential drawback of using prepaid cards for online purchases?
What is a potential drawback of using prepaid cards for online purchases?
- Ability to improve credit score
- Access to higher credit limits
- Limited fraud protection compared to credit cards (correct)
- Participation in cashback programs
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