BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Chris received his Visa statement in the mail. He nowunderstands how long it will take to pay off the balance if he only makes the minimum payment. Visa is complying with which act?
|
|
Credit Card Act of 2009
|
|
|
Usury law
|
|
|
Truth In Lending Act
|
|
|
Fair Credit Reporting Act
|
Explanation:
Detailed explanation-1: -Unauthorized Use If you credit card is lost or stolen and used by someone without your authorization, your liability for the unauthorized charges is limited to $50 under the federal Truth in Lending Act.
Detailed explanation-2: -minimum payment. the smallest amount of payment that can be paid each month (required); usually 2.5-5% of the total balance due.
Detailed explanation-3: -The minimum payment is the smallest amount of money that you have to pay each month to keep your account in good standing. The statement balance is the total balance on your account for that billing cycle.
There is 1 question to complete.