allows consumers to make purchases up to a credit limit

Question

allows consumers to make any number of purchases if bills are paid promptly
utilized to make major purchases

Answer 1

It sounds like you're describing a credit card or a line of credit. Here’s how each point relates to this financial product:

1. Allows consumers to make purchases up to a credit limit: This is a fundamental feature of credit cards. Each card comes with a set credit limit, which is the maximum amount a cardholder can borrow.

2. Allows consumers to make any number of purchases if bills are paid promptly: Credit cards enable consumers to make multiple purchases as long as they make payments on time, maintaining their credit score and avoiding interest penalties.

3. Utilized to make major purchases: Many consumers use credit cards for significant expenses, taking advantage of payment flexibility, rewards, or benefits that may come with their card.

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