Exam 6: Using Credit Cards: the Role of Open Credit

Cedrick's credit card was stolen,and he did not realize that it was stolen until he received his most recent billing statement.He contacted the credit card company immediately after he read his statement.Fraudulent charges were as follows: $250 for a Blue-ray player,$600 for a new set of tires,$200 cash withdrawal,and $40 in interest charges on the above items.He did not carry credit card insurance.How much is Cedrick's potential maximum liability?

A secured credit card is a good tool to help establish credit.

People with high credit card balances still need to invest money on a regular basis.

What should Susan do in regards to her credit card balance?

________ is not information generally found in your credit report.

How long do you have to begin an investigation into a billing problem under the Fair Credit Billing Act?

Susan has never seen a copy of her credit report.Which of the following is not a credit bureau?

Which of the following regarding credit application analysis is incorrect?

The Truth In Lending Act requires that all consumer credit agreements disclose the ________ in bold print?

List the five benefits or advantages associated with credit cards.What are the two major disadvantages?

Consider the "Five Cs of Credit." The category that considers the size of your investment holding or portfolio is

A convenience user doesn't really care what the APY is on their credit cards.

To a credit user,the perks and benefits are the most important determinant when choosing a credit card.

Which of the following is NOT a credit bureau?

Research has determined that undergraduate college students tend to behave in similar manners with regards to their credit card usage.As noted in Chapter 6,which of the following behaviors are indicative of undergraduate students' credit card behaviors?

It is now three months later and Monty has missed two payments in a row and he is now paying the default or penalty rate on his balance.How much interest per month will Monty be accruing on his unpaid balance?

Which of the following is not a single-purpose credit card?

A(n)________ card is a credit card that does not offer revolving credit and requires full payment of the balance at the end of each month.

Which one of the following items of evaluation would Susan score the highest on?

What is the main distinguishing feature(s)for T&E cards?