Credit cards are usually based on a(n) _____ account system.
A) installment
B) open charge
C) revolving charge
D) selective

Question

Quizplus · Accepted Answer

Credit cards typically operate on a revolving charge system, which allows the cardholder to carry a balance from month to month and make minimum payments. This is different from an installment account system, in which the borrower repays a fixed amount over a period of time until the loan is fully paid off. Open charge and selective account systems are not common types of credit card accounts.

Credit Cards Are Usually Based on A(n) _____ Account System