Allow you to borrow money to buy things and pay back over a period of your choice.
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What is a credit limit?
A maximum amount that you can borrow on the card.
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What is a repayment?
A statement received every month detailing what you have spent and what you owe the credit card company, and how you can then decide how to repay.
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What is a store card?
A store issued card you can only use in the store you got it from.
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What are the advantages of using a store card?
You may qualify for discounts in the shop that issued the card.
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What is a charge card?
A charge card is used for making payments in a similar way to a credit card, except that you MUST repay the balance in full when the statement arrives.
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Is the limit on a charge card high?
Yes.
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What is a cash card?
A cash card is a plastic card that account holders can use in branches and ATM's to take cash out their accounts.
Good revision for a small section of the personal finance exam. A little short though and some of the options are a bit ridiculous XD. Just hope it sticks until later this week :/
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