ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If you do not know the answer to this question quick here and your wildest dreams will come true
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STUDY HARDER
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Money is drawn directly from the savings account or checking account a PIN is required, Fees may be charged for overdraft
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Each purchase is a loan that can be repaid later, interest is charged if balance is not paid each month, consumers can purchase items now and pay for them later.
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Detailed explanation-1: -A credit card is a financial tool offered by a bank as a type of loan, with a line of revolving credit that you can access via your card (and your card’s account). The loan behind your credit card has a limit-known as a credit limit-that you can use for everyday expenses or large purchases.
Detailed explanation-2: -A credit card is a type of credit facility, provided by banks that allow customers to borrow funds within a pre-approved credit limit. It enables customers to make purchase transactions on goods and services.
Detailed explanation-3: -As the Consumer Financial Protection Bureau (CFPB) explains, interest is the cost of borrowing money from a lender. Interest is typically shown as an annual percentage rate (APR). For credit cards, the APR and interest rate are usually the same.
Detailed explanation-4: -What are Credit Card repayments? Credit Card repayments pay back the money you’ve spent on your Card. At the end of your statement period, you’re in control of how much of your balance you want to pay off, but you must pay the minimum repayment amount.