Personal Finance

Get Revising

Created by: Becca Wardle
Created on: 17-03-13 16:47

1. What is a credit limit?

Lets you take cash out during a certain period of the day.
A maximum amount that you can borrow on the card.
The maximum price paid on goods.

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2. What are the advantages of using a store card?

You gain points for buying items from that shop.
You may qualify for discounts in the shop that issued the card.
You may purchase things from that shop free of charge.

3. What is a charge card?

A charge card is used for making payments in a similar way to a credit card, except that you don't have to repay all the balance until 60 days after receiving the statement.
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.
A charge card is used for making payments in a similar way to a credit card, except that you MUST repay the balance 30 days after reciving the statement.

4. Is the limit on a charge card high?

I don't know.
Yes.
No.

5. What are the disadvantages of a cash card?

You can't use cash cards in shops.
They are easily broken.
They can't be replaced until a period of time after loosing it is over.

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Comments

MostlyHarmless

Report Tue 8th December, 2015 @ 16:36

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 :/