Question

question 19 (1 point)
what replaced annual fees in the credit card industry?
a increased penalty charges
b cashback rewards
c free credit monitoring
d lower interest rates

question 20 (1 point)
what has been the primary benefit of the credit card industrys transformation over the past thr
a record profits for banks
b reduced consumer debt
c improved financial literacy
d increased consumer savings

Explanation:

In the credit card industry, as competition led to the reduction or elimination of annual fees, issuers shifted to generating revenue through increased penalty charges (e.g., late payment fees, over-limit fees) as an alternative income stream.

Answer:

a. Increased penalty charges