Question

Which of the following types of credits would best describe credit cards?
a.
closed and secured
b.
closed and unsecured
c.
open and secured
d.
open and unsecured


Please select the best answer from the choices provided

A
B
C
D

Answer 1

D

Credit cards are typically open (revolving) credit and generally unsecured (no collateral), so "open and unsecured" is the best description.