ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Finance Charge
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Co-Signer
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Minimum Payment
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Credit Limit
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Detailed explanation-1: -The credit limit is the total amount you can borrow, whereas available credit is the amount that is remaining for you to use, including if you carry a balance. For example, if you have a credit card with a $1, 000 credit limit, and you charge $600, you have an additional $400 to spend.
Detailed explanation-2: -Research indicates the Bank of America® Customized Cash Rewards credit card offers the highest credit limit-$95, 000-among balance transfer cards. This is considerably higher than the competition and probably is not representative of the vast majority of cardholders.
Detailed explanation-3: -In simplest terms, a credit card limit-also known as a credit line-is the maximum amount that a person can spend on their card, set by the credit card issuer.
Detailed explanation-4: -How is my credit limit determined? The main factors that determine the credit limit of your new Bank of America card include your creditworthiness, income, employment status and rent/mortgage payments.