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1.
What is the name for the credit card fee that is charged to you when you take money out of your card?
Cash advance fee. This fee is charged for cash advances made on your card.
2.
After the promotional APR on a credit card ends, the interest rate switches to the _______ APR.
Regular. The regular APR is for regular use.
3.
Why might a merchant offer you a discount if you buy its product with cash instead of credit?
If you pay cash, the merchant wont need to pay a commission on it. But using a credit card results in a commission to the merchant, which is passed on to you through higher prices.
4.
For credit card users who report their card lost or stolen within 30 days of when they discover the loss or theft, what is their liability for any unauthorized charges likely to be?
Not responsible for any charges over $50 after notifying the bank. The key here is notifying the card issuer within a reasonable time of discovering the loss or theft, usually 30 days.
5.
Co-branded credit cards may be used at locations other than the ones that co-brand them.
True. But if you use them with the businesses they are named with, you can get extra rewards.
6.
Your credit card company must deliver your bill at least how many days in advance?
21. This new threshold allows you a longer grace period.
7.
If the annual percentage rate on your credit card is 18%, you will pay 18% interest on each months balance.
False. The APR refers to the interest rate for the whole year. For this month, it would be only 1/12 of that, which would be 1.5%.