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Credit and Debit Cards

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Jude Beatty

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Cards in this guide (17)
How soon after you are denied credit must you receive notice both verbally and by letter

If you are denied credit, the Equal Credit Opportunity Act requires that the creditor give you a notice that tells you the specific reason your application was rejected or the fact that you have the right to learn the reason if you ask within 60 days. If your credit application was due to information obtained from your credit report, the Fair Cedit Reporting Act requires the creditor to give you the name, address and phone number of the credit reporting agency that supplied the information. The credit reporting agency can tell you what is in your report but only the creditor can tell you why your applicaton was denied.

How long will credit inquiries remain on your credit report

2 years

What is done with the finance charge assessed by a credit card company

added to the balance

Which of these is considered to be the credit solution of last resort

bankruptcy

Sherry had an ending balance of 125.36 outstanding deposits of 153.53 and outstanding checks of 100.19 What was her checkbook balance

178.70

Which of these is not included on a credit card statement

credit score

How is the average daily balance calculated

it is the sum of the daily balance divided by the number of days in the billing cycle

What methods has the highest finance charge

Charging the previous balance

Which of these is not a way in which credit card companies assess finance charges

some place a fee on the average yearly balance . ( A+ )

What is allowed by the creditor when you apply for credit

asking for your social security number

What is a type of fee that a credit card company might charge

credit limit fee

Under the equal credit opportunity act what do you not have the right to do

Refuse to pay credit card payment.

Which of the following statements in the discussion section is false

Which of the following statements is false?

A. A debit card never has a MasterCard or Visa logo on it. B. Your debit card is like cash. C. You do not borrow money when you use a debit card. D. Loaning your debit card to friends is a not smart thing to do.
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2.

14.4 %. A+

How is a finance charge calculated

multiply the unpaid balance by the monthly interest-rate

Which of the following is the best description of a consumer good

It is something tangible that can be touched or carried

Hank purchased a new grill for $349 on his credit card. He had a previous balance of $225.91. A finance charge of $8.62 was assessed. What is his new balance

583.53

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