What do you know about the 2009 CARD Act?
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Question 1 of 8
1. Question1 points
What does the CARD Act apply to?Correct
Question 2 of 8
2. Question1 points
How many days does a lender have to inform you before it changes your interest rate or changes its fees?Correct
Question 3 of 8
3. Question1 points
Your credit card company doesn’t have to tell you how long it will take to pay off your balance.Correct
Lenders are required to disclose how long it would take to pay off your balance if you make only minimum payments, and how much you should pay monthly to pay off your balance in three years.Incorrect
Question 4 of 8
4. Question1 points
Your credit card company can let you charge over your limit and charge fees for those transactions without your consent.Correct
Question 5 of 8
5. Question1 points
Under which of these situations can your credit card company increase your interest rate during the first year after you open your credit card?Correct
Question 6 of 8
6. Question1 points
If your credit card company increases your APR, it must reevaluate the rate increase every 6 months.Correct
Question 7 of 8
7. Question1 points
Annual fees, application fees, and other fees cannot total more than what percentage of your initial credit limit?Correct
Question 8 of 8
8. Question1 points
Your credit card company can charge you a fee for not using your card.Correct