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Question
With reference to Credit Card, which one of the following statements is INCORRECT?
Options
The cardholder makes payments after using the card.
Some incentives/gifts are made available to the cardholders.
The cardholder has to deposit some money in advance with the issuer bank.
In certain cases, the cardholder has to pay an annual fee for the credit card.
MCQ
Solution
The cardholder has to deposit some money in advance with the issuer bank.
Explanation:
A credit card is a plastic card issued by financial companies to grant credit to reputable individuals. The cardholder does not make an upfront deposit with the issuing bank. Cardholders can pay with their card, but may incur additional fees to use the facility. Cardholders benefit from incentives and gifts.
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Debit Cards Vs Credit Cards, ATM (Automated Teller Machine)
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