ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which type of card will charge you interest on purchases?
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credit card
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debit card money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Key Takeaways. Credit card companies charge you interest unless you pay your balance in full each month. The interest on most credit cards is variable and will change from time to time. Some cards have multiple interest rates, such as one for purchases and another for cash advances.
Detailed explanation-2: -Credit cards charge interest on any balances that you don’t pay by the due date each month. When you carry a balance from month to month, interest is accrued on a daily basis, based on what’s called the Daily Periodic Rate (DPR).
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