Which of the following statements is NOT true of credit cards?
A) The rate of return to banks from credit card lending is lower than for other bank assets.
B) Credit cards represent a preauthorized line of credit to borrowers.
C) The first credit cards to be widely accepted were nonbank travel and entertainment cards.
D) If bank cardholders don't pay the balance in full every month, they pay a finance charge on the unpaid balance.
Correct Answer:
Verified
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