Identify a True Statement About the Credit Card Accountability, Responsibility

question 92

Multiple Choice

Identify a true statement about the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009.

• A) It prohibits the issuance of credit cards to anyone under the age of 21.
• B) It created the Consumer Financial Protection Bureau.
• C) It prohibits issuers from raising interest rates on existing balances unless the borrower is more than 60 days late in making required payments.
• D) It established the Securities and Exchange Commission to ensure that credit card issuers give a 45-day notice before making significant changes to credit agreements.

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Definitions:

Invoice

A paper provided by the vendor to the purchaser detailing the goods or services rendered and the total charge.

Discount

A reduction applied to a regular price or rate, often used to encourage purchase or prompt payment.

ROG

Depending on context, it may refer to "Receipt of Goods," the point at which goods are received and acknowledged by the buyer.

Net Price

The actual price paid for a product or service after subtracting any discounts, rebates, or allowances.