Multiple choice technology platforms and products

For charge cards the minimium due amount is 14% of the total close balance due

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

For charge cards, the minimum due is typically calculated as either a fixed percentage (often 5-10%) of the outstanding balance OR a fixed minimum amount, whichever is higher. 14% is not the standard minimum due percentage for charge cards - this value varies by product and issuer but is rarely as high as 14%.

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