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1.
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.
2.
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.
3.
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.
4.
Credit cards may charge fees for which of the following?
All of the above. These are just some of the many fees that credit cards can charge you for various uses.
5.
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.
6.
When a credit card company calculates interest charges on the current balance by factoring in the average daily balance from the previous billing cycle, thats called ________.
Double-cycle billing. Double-cycle billing is no longer allowed.
7.
It is possible for a credit card to use several annual percentage rates.
True. A credit card can have a separate rate for purchases and a separate rate for balance transfers, for example.