Question

What are the features of terms of credit? Class 10th economics ch: money and credit

Answer 1

credit terms definition. The terms which indicate when payment is due for sales made on account (or credit). For example, the credit terms might be 2/10, net 30. This means the amount is due in 30 days; however, if the amount is paid in 10 days a discount of 2% will be permitted.

ITS IMPORTANCE

Lenders typically look at four primary factors when considering your loan application. Theyare… Collectively, these four factors are known as the Four C's of Credit. Capacity is generally the most important because it determines your ability to pay back a loan.

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Answer 2

ANSWER

Features of Credit:

1️⃣ A standard or plain- vanilla has no extra perks but may offer a low interest rate to attract customers.

2️⃣A reward credit plays reward on the purchases you make.

3️⃣A premium credit card has lots of perks & benefits like concierge services, usually for a higher annual fee.

4️⃣A charge card requires you to pay your full balance each month instead of making minimum monthly payments.

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