Question

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Economics Semester Exam
18 of 3118 of 31 Items


Question
Joanna is trying to decide between getting a credit card and getting a line of credit, and she has asked you to help her make a list of pros and cons. What are some pros and cons for each type of credit service?(1 point)
Responses

Lines of credit can be used at the point of sale, while credit cards cannot. Credit cards typically have a lower interest rate while lines of credit typically have higher interest rates.
Lines of credit can be used at the point of sale, while credit cards cannot. Credit cards typically have a lower interest rate while lines of credit typically have higher interest rates.

Lines of credit can be used at the point of sale, while credit cards cannot. Lines of credit typically have a lower interest rate while credit cards typically have higher interest rates.
Lines of credit can be used at the point of sale, while credit cards cannot. Lines of credit typically have a lower interest rate while credit cards typically have higher interest rates.

Credit cards can be used at the point of sale, while lines of credit cannot. Credit cards typically have a lower interest rate while lines of credit typically have higher interest rates.
Credit cards can be used at the point of sale, while lines of credit cannot. Credit cards typically have a lower interest rate while lines of credit typically have higher interest rates.

Credit cards can be used at the point of sale, while lines of credit cannot. Lines of credit typically have a lower interest rate while credit cards typically have higher interest rates.

Answer 1

**Pros and Cons of Credit Cards and Lines of Credit**

**Credit Cards:**
- **Pros:**
- Can be used at the point of sale.
- Typically have a lower interest rate.

- **Cons:**
- Tend to have higher interest rates compared to lines of credit.

**Lines of Credit:**
- **Pros:**
- Can be used at the point of sale.
- Typically have a lower interest rate.

- **Cons:**
- Tend to have higher interest rates compared to credit cards.