Why is the number 55 significant in the context of credit card statements?

Maximizing Credit Card Benefits

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Business
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9th - 10th Grade
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Hard

Olivia Brooks
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
It is the number of transactions allowed per month.
It is the maximum credit limit.
It is the number of days before interest is charged.
It is the minimum payment percentage.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if you pay off your credit card balance within the 55-day period?
You earn extra reward points.
You are charged a late fee.
You avoid paying interest.
You increase your credit limit.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can using a credit card help you earn interest on your own money?
By offering cashback rewards.
By reducing your monthly expenses.
By keeping your money in the bank longer.
By increasing your credit score.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the benefit of holding onto your money for an extra 55 days?
It reduces your monthly fees.
It provides additional reward points.
It allows you to earn interest on your savings.
It increases your credit limit.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the remaining time to pay off a purchase calculated?
By dividing the purchase amount by the number of days left.
By subtracting the days passed from 55.
By adding 30 days to the purchase date.
By subtracting the purchase date from the end of the month.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the minimum payment on a credit card typically based on?
The number of transactions made.
The total amount spent in a month.
A fixed amount or a percentage of the closing balance.
The interest rate applied.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to pay off your credit card balance in full?
To reduce your annual fees.
To avoid high interest charges.
To earn more reward points.
To increase your credit limit.
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