Credit Card Basics
What is the main factor that dictates what a consumer's interest rate will be?
Credit score.
A yearly fee that may be charged for having a credit card is called a:
Annual fee (we do not charge one)
What is a record for a consumer's Credit history called?
A credit report
What does the abbreviation "APR" Stand for in relation to credit cards?
Annual percentage rate.
What name is given to the fee charged when a credit card payment is made after the due date and grace period?
Late payment fee.
How is the monthly interest calculated?
Interest charges will accrue on your average balance outstanding during the month.
What is the annual fee amount that we charge for business Credit Cards?
$100
Transferring debt from one credit card account/institution to another card account/institution is called a what?
Balance transfer
What does balance outstanding mean?
The full amount you still owe on a loan or credit card at any given time
The monthly payment is based on 2.5% of the balance on the current billing cycle.
What interest percentage range (APR) do our Rewards and Classic Credit card sit in?
14-15%
What is the Cardholder's cash amount Liability for unauthorized Credit charges under the truth in Lending act?
$50
When a consumer has passed an initial credit check, it's called a:
Pre-approval
A type of credit card that requires a cash deposit as collateral, which serves as your credit limit and helps build or rebuild your credit history is called a:
Secured Credit Card
What is the duration of time given to members after a payment is due where interest does not begin accruing on any outstanding balance? (commonly referred to as grace period)
14 days.
What is the maximum amount that an obee member can overpay on an amount that they currently owe after total balance is paid off?
We allow members to overpay up to $500 (override necessary)
What is our current Cash advance and Annual fees for consumer accounts?
We currently do not charge any cash advance, or annual fees.
Name the federal Law that requires credit card companies to disclose terms clearly and provides consumers with the right to dispute charges?
Truth in lending act (TILA)
In what circumstances does Obee charge convenience fees for payments made towards Credit Cards?
Message pay/ Phone bill pay using debit cards from other institutions have respective fees of $4.99 for message pay and $10 for phone payments.