PF: 3.10.1 Lesson: Financing a Purchase Questions and Answers Rated A

PF: 3.10.1 Lesson: Financing a Purchase Questions and Answers Rated A There are two basic kinds of credit card. The typical credit card is based on a______that is set by a_____and it is linked to your_____or personal request. The second kind of credit card is a_____and it is more like a______because it is directly tied to a checking or savings account, and all limits are based on your_____instead of an approved limit. t limit sponsoring financial institution t rating ed card card nt balance When you have a credit card, it comes with certain stated policies and privileges. Select all that pertain to being a credit card customer. - late fees can/will be assessed if your payment is past due - some credit cards come with rewards points or cash back programs -most cards have a grace period of 25-30 days where no interest is charged on purchases - minimum payment due based on your account balance and percentages - annual fees are assessed yearly by some credit card companies, especially for premier accounts - APR interest rates tend to be between 8-24% Of all the types of credit offered to consumers, which ones are the worst ones to use because of both the fees and interest rates and how they will affect your credit rating. Choose two. -Payday loans -Car title loans A department store sponsored card offers special incentives to shop with the store, but also carry higher interest rates. These cards... cannot be used anywhere you want since they are sponsored by a specific store