In order to understand how credit works, it’s important to understand how APR works. Different credit features affect what you’ll pay in interest and if you get approved for new credit.
Watch the video to learn more about Obtaining Credit, then test your knowledge at the end of the lesson.
What type of higher-rate APR is most commonly applied to ATM cash withdrawals?
A. Standard APR
B. Introductory APR
C. Cash advance APR
D. All of the above
Credit features to consider when selecting a credit product include all of the following except:
A. APR
B. HELOC
C. Term
D. Grace period
Each category in the 5 Cs of Credit can be weighed differently depending on the type of loan or line of credit you’re applying for.
A. True
B. False