Question : Which of the following is a feature of a credit card?
Option 1: Cash withdrawals allowed at any time
Option 2: No interest is charged on the outstanding balance
Option 3: Credit limit is fixed
Option 4: None of the above
Answer (1)
25th Jan, 2024
Correct Answer: Cash withdrawals allowed at any time
Solution : The correct answer is (a) Cash withdrawals allowed at any time
Credit cards do provide the option for cash advances, allowing cardholders to withdraw cash from an ATM or over the counter at a bank. However, it's important to note that cash advances through credit cards often attract higher interest rates compared to regular credit card transactions. Additionally, cash advances may also incur transaction fees or other charges.
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