MoneyKraft

1. Pooja has made a purchase of Rs 10000 using her credit card. She got the statement at the end of the month and it gave her an option of paying the entire Rs. 10000 or a minimum amount of Rs. 500. She decided to pay the minimum due and forgot about it. Nex

Rs. 9,523

Rs. 9,785

Rs. 9,500

2. What is the role of the issuing bank that issues the credit card to the customer?

To make a secured loan to the credit card customer

To make an unsecured loan to the credit card customer

To make an unsecured loan to the credit card issuer

3. A credit card user pays the total outstanding amount by the due date. Which of the following is true?

He enjoys a free credit period till the due date

He is charged interest from purchase date till due date

He enjoys free credit as long as he pays the minium amount due

4. What is the typical rate of interest charged on outstanding balance on the credit card statement?

3% p. m.

36% p. m.

3% p.a.

Do you have unpaid dues on your credit card?

credit cards

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Level - 6,3,8,6 BASIC

People enjoy spending with their credit cards, but do not enjoy paying the bills to the same extent! Watch this video to understand how not paying credit card bills fully when due is equivalent to taking a high interest loan from the bank.

AUTHOR(s):Uma Shashikant

Do you have unpaid dues on your credit card?

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