Question

What should a consumer review and consider when shopping for a credit card? Check all that apply.

The down payment that is required
The initial fees to open the account
The fees charged for late payments
The kind of collateral that is required
The annual percentage rate for the card
The Truth in Lending Act disclosure

Answer 1

Select these:
- The initial fees to open the account
- The fees charged for late payments
- The annual percentage rate for the card
- The Truth in Lending Act disclosure

Do not select:
- The down payment that is required (credit cards do not require a down payment)
- The kind of collateral that is required (most cards are unsecured; only secured cards require a refundable security deposit)