General Studies · Credit Cards & Financial Terms
Consider the statements regarding 'Minimum Amount Due' (MAD) on credit cards: Statement I: Paying only the MAD ensures the customer is not reported as a defaulter, though credit utilization may affect their score. Statement II: Paying MAD obligates the bank by law to stop charging interest on the balance for a 15-day cooling period. Statement III: MAD typically includes 5% of principal balance plus 100% of interest, fees, taxes, and unpaid MAD from earlier cycles. Choose the correct option:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only II and III
- 3Only I and II
- 4Only I and III✓
Correct answer
Only I and III
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