The Credit Card Act Is Credited with Leveling the Playing

question 214

Multiple Choice

The Credit Card Act is credited with leveling the playing field between credit card customers and financial institutions that issue the cards. Which of the following is not provided for in the act?

• A) Requires that credit card companies offer an obligatory five day grace period for late payments
• B) Encourages disclosures written in plain language
• C) Increases protection for students and people under 21 years of age
• D) Requires a 45-day notice before existing rates are changed
• E) Requires that all fees be necessary and reasonable

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Definitions:

Internal Locus

The belief that one controls their own destiny and outcomes are a result of personal effort rather than external forces.

External Locus

A belief that outcomes in one’s life are due to external forces or circumstances beyond one's control.

Self-esteem

An individual's overall subjective evaluation of their own worth or value.

Techno-complexity

Refers to the complexity and intricacy of technological systems, processes, and solutions.