List and describe some of the main conditions that you need to understand before accepting a credit card.
What will be an ideal response?
Answers will vary. Before you accept a credit card, make sure you read the credit card agreement and understand the main conditions for using that card. Some things to look for include the following:Grace period: The period of time that you have to pay your balance before interest or fees are assessed. It is important to get credit card bills paid as soon as possible to avoid the interest and other fees.Annual percentage rate (APR): The percentage financing cost charged on unpaid balances. The higher the APR, the greater your interest expense on unpaid balances. Your credit card company may charge different APRs for different types of transactions.Late fees: May be assessed if a payment is not received within the grace period. Federal law now caps late fees at $27 for a first offense and $38 for additional late payments.Other fees: Include annual fees (a charge just for the privilege of having a card, whether you use it or not), over-the-credit-limit fees if your charges exceed your credit limit, and balance-transfer fees if you transfer a balance from one card to another.
You might also like to view...
The product positioning strategy based on a category or type of product is the positioning approach of:
A) product user B) product class C) use or application D) cultural symbol
In order to exclude the implied warranty of merchantability, the seller must put the exclusion in writing.
Answer the following statement true (T) or false (F)
Process costing is applicable to production operations that
A) utilize several processes, departments, or work cells in a series. B) do not assign overhead costs to operations. C) produce products that are made to order. D) produce unique products.
SMS text messaging generates most of mobile marketing spending.
Answer the following statement true (T) or false (F)