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2 years ago

All of the following are fees typically charged by credit card companies EXCEPT:

2 answers:

6 0

A reload fee is a fee that is charged to a prepaid card because you are loading funds onto the card when you have them available. The reload fee applies to cards in which the cash is "real" versus chargining to a credit card to pay at a later time. The credit card company will charge a late fee, balalnce transer fee and some will charge a membership fee.

alukav5142 [94]2 years ago

5 0

The correct option is D.

Reload fee is not charged by the credit card companies.

Further Explanation:

Credit card:

Generally, Credit card is issued by financial institutes such as banks. Credit card is a plastic card that allows the cardholders to borrow the funds from the respective bank and then spend the funds as per their requirements. A credit card can be used for the purchase of goods and services. Generally, credit card has a specific limit. It is known as a line of credit (LOC). The cardholder can withdraw or use the funds up to the LOC. The cardholder has to pay the borrowed amount along with the interest on the borrowed funds after a specific period of time, which is defined and stated at the time of issuing the credit card.

Reload fee:

Reload fee is charged on the prepaid cards (debit cards). When the balance in the account comes to a minimum level, the accountholder requests the banker to refill his debit card. Bank refills the debit card by charging a small fee. That fee is called reload fee.

Therefore, reload fee is not charged on the credit card. It is charged on the debit card.

Learn more:

1. Learn more about the credit card utilization

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2. Learn more about maintaining the high credit score

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3. Learn more about various approaches to increase the credit score

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Answer details

Grade : Senior School

Subject : Business Studies

Chapter : Money and Banking

Keywords: fees, typically, charged, credit card, companies, except, late payment fee, balance transfer fee, annual membership fee, reload fee.

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