Part A quizizz on credit cards

What are the 3 major credit card companies that license products to lenders?

• Capital One, Chase, Wells Fargo
• JCB, Diners Club, Alipay
• Visa, Mastercard, American Express
• Discover, PayPal, UnionPay

How do credit card companies make money?

• Credit card companies make money through interest charges, fees, and merchant transaction fees.
• By offering free services to customers
• Through government subsidies
• By selling personal data to advertisers

Where can you find summary of the purchases on your credit card for the month?

• Online banking account or mobile app
• Customer service phone number
• In-store purchase receipts
• Credit card statement via mail, email, or app

Under what situations can your credit card start charging you interest immediately ?

• Balance transfers, cash advances, cash-like transactions

• Interest starts accruing after 30 days of non-payment.
• You can avoid interest by paying the minimum payment only.
• Cash advances do not incur interest immediately.

What is the typical annual interest rate for purchases on credit cards?

• 5% to 10%
• 30% to 40%
• 15% to 25%
• 10% to 15%

How can you avoid credit card interest charges?

• Ensure that you don’t buy more than you can afford to pay off at the end of the grace period. Double check statement to ensure accuracy. Pay off full balance owing each month.

• Ignore the due date and pay whenever you want.
• Use your credit card for cash advances.
• Make only the minimum payment each month.

What type of credit card charges an annual fee?

• Secured credit cards
• Student credit cards
• Premium rewards credit cards
• Cash back credit cards

Why is it important to be careful about making purchase in other countries using your credit card?

• Credit cards are not accepted in most countries.
• All foreign purchases are tax-free.
• Using cash is always safer than using a credit card.
• It is important to be careful about making purchases in other countries using your credit card to avoid foreign transaction fees, currency conversion issues, and potential fraud.

What is a credit score?

• A credit score is a numerical representation of a person's creditworthiness.
• A credit score is a rating of a person's physical health.
• A credit score is a type of loan.
• A credit score is a measure of a person's income.

Why is credit score important ?

• Credit score is irrelevant for job applications.
• Credit score has no impact on insurance premiums.
• Credit score is only important for renting an apartment.
• Credit score is important because it determines your creditworthiness and affects loan approvals and interest rates.