Question

According to the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, credit cards must now disclose which of the following?

A. Phone number for credit counseling services
B. How many different ways the finance charges can be calculated and assessed.
C. How much interest will be paid of only minimum payments are made.
D. Minimum payment warning, payment amount, and due date.

Answer 1

Answer:

How much interest is will be paid if only minimum payments are made.

Explanation:

Financial Literacy

Answer 2

According to the CARD Act of 2009, credit cards must now disclose: C. how much interest .

What is a credit card?

A credit card can be defined as a card which issued by a financial institution to its eligible customers, so as to make it possible for them to purchase goods and services on credit, especially based on the agreement that this amount of money would be paid back at a specific time and interest rate.

In conclusion, the amount of money that would paid as interest will be paid for only minimum payments and must be disclosed to customers in accordance with the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009.

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