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 three decades?

a record profits for banks
b reduced consumer debt
c improved financial literacy
d increased consumer savings

Explanation:

For Question 19: As credit card issuers reduced or eliminated annual fees to compete, they offset lost revenue with higher penalty charges (e.g., late fees, over-limit fees).
For Question 20: The credit card industry's transformation (e.g., fee structures, reward programs, expanded lending) has primarily driven significant profit growth for issuing banks over decades.

Answer:

a. Increased penalty charges
a. Record profits for banks