ECONOMICS
CREDIT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
raises standard of living
|
|
|
convenient
|
|
|
interest
|
|
|
increase financial options
|
Detailed explanation-1: -The correct answer is option d. It often leads to impulsive buying. Having a credit card has both benefits and drawbacks.
Detailed explanation-2: -Credit cards have a few disadvantages, such as high interest charges, overspending by the cardholders, risk of frauds, etc. Additionally, there may also be a few additional expenses such as annual fees, fees of foreign transactions, expenses on cash withdrawal, etc. associated with a credit card.
Detailed explanation-3: -Minimum due trap. The biggest con of a credit card is the minimum due amount that is displayed at the top of a bill statement. Hidden costs. Easy to overuse. High interest rate. Credit card fraud.
Detailed explanation-4: -Buy on credit: Most accepted method of payment: Interest-free cash withdrawals: Unlimited reward points: Insurance coverage: Make travel easy: Discounts and cashbacks: Improve your credit score: More items •06-Aug-2021