FIN-2860 Chapter Notes - Chapter 6: Credit Card, Social Security Number, Cash Advance
13 Dec 2020
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The truth in lending act requires that all consumer credit agreements disclose the annual percentage rate (apr) in bold print. Taking a cash advance on your credit card for daily living expenses may not be a wise financial decision because interest begins on the cash advance balance amount immediately. Your home is collateral in relation to your mortgage. The credit card accountability, responsibility, and disclosure (card) act established free caps for cards. Card fees cannot total more than 25% of the initial credit limit. A convenience user of credit cards is someone who pays off the credit card balance each month. Identity theft occurs when someone, without your knowledge or consent, uses your name, address, social security number, or other identifying information to commit fraud or other crimes. The choice of a credit card is a matter of personal credit card philosophy.
