Credit Card Quiz

1.

1 point

There are more individuals with debit cards than credit cards.

True

False

2.

1 point

A credit card that is tied to your savings account to make sure the creditor receives its amount owed is called a(n)

unsecured card

secured card

credit card

debit card

3.

1 point

Name the two different 'things' that individuals under the age of 21 must prove/have to obtain a credit card. (Your answer will likely be marked wrong. Please note that I will look at this answer individually)

4.

1 point

A credit card is probably a better choice to use when purchasing an item over the Internet or phone.

True

False

5.

1 point

If you currently have a credit card, you should use it as little as possible (ex: maybe 1x/2x per year at the most).

True

False

6.

1 point

Of the following options, choose which one is likely to be the worst choice you can make in dealing with a credit card.

Making a late payment.

Paying only the minimum.

Missing a payment.

Having too many cards.

7.

1 point

If you have lost your credit card or it is stolen, you will be liable for what amount?

Up to $50 if a purchase is made after losing the card.

Unlimited- liable for everything until canceled.

Up to $50 within 2 business days, $500 within 60 business days or less, or unlimited amount if after 60 days.

8.

1 point

Which of the following choices is TRUE when pertaining to APR and interest rate?

Creditors must give 30 days notice before raising your rate.

Creditors must give 45 days notice before raising your rate.

Creditors must give 60 days notice before raising your rate.

Credits do not need to give any notice before raising your rate.

9.

1 point

Which of the following is NOT true regarding a payment statement sent by your credit card company?

They are required to tell you what your payment must be each month to pay it off in 3 years.

Interest is usually applied immediately after the initial purchase so your bill will include the purchase price plus interest.

An average credit card interest rate is around 14%.

They are required to tell you how long it will take to pay off the full amount if you only make the minimum payment each time.

10.

1 point

A fee that you pay each year for having a specific credit card.

Maintenance Fee

Annual Fee

Yearly Fee

User Fee