Cards & Payments Concepts Quiz

Test your knowledge of Cards & Credit basics with these 30 questions

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1. On a variable rate Credit Card, the interest rate is calculated by

 
 
 
 

2. A poor Credit score could affect

 
 
 
 

3. Credit blocking occurs when

 
 
 
 

4. Adding someone to Your Credit Card account as an authorized user in an effort to raise their Credit score is …

 
 
 
 

5. Can a Credit Card issuer change your interest rate at any time for any reason?

 
 
 
 

6. Given a lost or stolen card, potential losses with a Debit card are usually

 
 
 
 

7. You can increase Your Credit score if you

 
 
 
 

8. How many digits are embossed on the front of a standard Visa and Mastercard Credit/Debit Card?

 
 
 
 

9. A revolving Credit account is…

 
 
 
 

10. What is a secured Credit Card?

 
 
 
 

11. What is the best way to improve Your Credit score?

 
 
 
 

12. You can stretch out the repayments on a student loan, if you arrange

 
 
 
 

13. An Affinity card (Check all that Apply)

 
 
 
 

14. Which statement best describes a Cash Advance

 
 
 
 

15. What role do Card Schemes (like Visa or MasterCard) play in Credit Card purchases?

 
 
 
 

16. What term best describes a Credit Card? Choose the answer that best fits

 
 
 
 

17. What advice should you give a customer when asked how much they should pay on their Credit Card?

 
 
 
 

18. What do we mean by the term Zombie debt?

 
 
 
 

19. True or false: If a Credit Card bill is paid in full, on time, every month, no interest will apply

 
 
 
 

20. Which of the following statements about an individuals credit record, is/are False

 
 
 
 

21. When referring to Credit Card Interest, what do the letters APR stand for?

 
 
 
 

22. One difference between a Debit card and a Credit Card is that

 
 
 
 

23. When a Credit line is reduced by an anticipated purchase this is known as

 
 
 
 

24. Using the simple interest method calculation, interest is

 
 
 
 

25. ONE significant drawback associated with using a Credit Card is

 
 
 
 

26. How is interest calculated on a credit card?

 
 
 
 

27. Failure to pay a Credit Card on time can cause which of the following to happen? (Check all that Apply)

 
 
 
 

28. Which of the following are NOT taken into account when calculating your Credit score?

 
 
 
 

29. Who assumes primary liability for the consumer’s debt incurred by use of the card?

 
 
 
 

30. Which impact is the most likely outcome when cancelling a credit card?

 
 
 
 


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