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Quiz: How Financially Literate Are You? - Low APR Credit Card

The credit card industry has changed considerably since last year the main provisions of the Act the credit card of 2009 is in force, and corresponding CreditCardGuide.com Norlyk Eva Smith has followed the changes since the beginning. In honor of Financial Literacy month, I combed through the archives of the GCC and set up a short quiz based on the reports of Smith. Try it now and see how many you remember. Quiz

1. True or False: If you overdraw your checking account, you will automatically be charged overdraft fees, unless you refuse.

2.True or False: Most card issuers cap fees balance transfer $ 75 - $ 100.

3. True or false: The credit card issuers are not allowed to provide students with tangible gifts, such as bottled water or T-shirts in exchange for signing up for credit cards.

4. True or False: If you currently pay for the protection of the payment on your credit card, you are automatically covered in case something goes wrong.

5. True or false: Stay at home moms can list their partner's income on their application for credit card and still get a credit card.

6.True or false: Since the provisions of the Act the credit card has taken effect, most new cardholders pay interest rates higher than the rate they were originally offered at their request for the card.

Answers

1. False. This is the reverse. Banks are no longer allowed to charge consumers to open, unless consumers opt for overdraft protection.

2. False - Most cards. Emitters used for the balance transfer fee cap of about $ 50 $ 100. However, it is no longer true.If you transfer a balance from one card to another, expect to pay full price - which is usually 3 to 5 percent.

3. True. Sort of. Card issuers are not permitted to offer tangible elements for students in 1,000 feet or on campus. But they can offer gifts to students off campus (eg, via e-mail accounts of students). And many card issuers are doing this.

4. False. Think you are automatically covered if you made ​​all your payments on time? Think again.Card issuers have been in trouble recently for inclusion in consumer protection plans for payment, then refusing coverage because consumers are not eligible.

5. True. For now. The Federal Reserve has recently changed some of the key provisions of the Credit Card Act. From October, the candidates without an independent source of income (such as mothers and fathers at home) will not be able to enumerate total household income on their applications. Instead, they must register for a joint account with their spouse.