ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In which of the following is a positive aspect of using a credit card?
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the interest charged on credit cards is lower on all other types of loans
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with a credit card, money is automatically deducted from the user’s bank account
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using a credit card allows consumers to buy goods even if they don’t have cash
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credit card bills can quickly add up if the conusmer only pays the minimum
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Explanation:
Detailed explanation-1: -Building credit, earning cash back and benefiting from fraud protection are just a few of the many advantages of using credit cards.
Detailed explanation-2: -The biggest advantage of a credit card is its easy access to credit. Credit cards function on a deferred payment basis, which means you get to use your card now and pay for your purchases later. The money used does not go out of your account, thus not denting your bank balance every time you swipe.
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