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A Game of X’s and O’s
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O
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1
Zero liability means you are not responsible for fraudulent charges on
your card.
1
True! Zero liability means you are not responsible for fraudulent charges on your card,
if you report them promptly.Home
2
Your credit card balance is the maximum dollar amount that can be charged on your credit card.
2
False! Credit limit is the maximum dollar amount that can be charged on your credit card.
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3
Overdraft protection is a service that protects you from penalties for writing checks with insufficient funds.
3
True! Overdraft protection is a service that protects you from penalties for writing checks with
insufficient funds. Home
4
The true cost of a credit card purchase includes the tax of that purchase.
4
False! The true cost of a credit card purchase includes any interest pay as a result of that purchase.
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5
Credit card rating is the yearly interest rate charged on outstanding credit card balances.
5
False! APR is the yearly interest rate charged on outstanding credit card balances.
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6
One of the advantages of having a credit card is that you can increase your impulse buying habits.
6
False! It’s best to use credit cards for needs rather than wants.
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7
An introductory rate is a temporary interest rate offered by a credit card company as a promotion.
7
True! An introductory rate is a temporary interest rate offered by a credit card company as a promotion. It
usually last for 6-12 months, then increases.
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8
A disadvantage of credit cards is it’s cost to you in interest and fees.
8
True! Credit cards cost to you is in interest and fees. Banks need to make money too!
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9
Annual Percentage Rates (APRs) rates are always fixed.
9
False! Annual Percentage Rates (APRs) rates can be fixed or variable.
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