With reference to the prepaid credit cards, which among the following is / are correct statements?
With reference to the prepaid credit cards, which among the following is / are correct statements?
1. credit facility is offered for the purchaser of the card
2. no interest charged from the purchaser of the card
3. no purchasing fee and monthly fees charged before an arbitrary time period
Select the correct option from the codes given below:
[A]Only 1 & 2
[B]Only 2 & 3
[C]Only 1 & 3
[D]1, 2 & 3
Only 2 & 3
The Prepaid cards require the cardholder to load money onto the card before the card can be used. Purchases are withdrawn from the card’s balance. The spending limit does not renew until more money is loaded onto the card. Some points in context of prepaid cards:
- No credit facility is offered for the purchaser of the card.
- No interest charged from the purchaser of the card.
- Purchasing fee and monthly fees charged after an arbitrary time period.
- Can be issued to minors since there is no credit line involved.
Categories: Banking Awareness / Banking Function & Business
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