Cards & Payments Concepts Quiz

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

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

 
 
 
 

2. What is a secured Credit Card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

8. A poor Credit score could affect

 
 
 
 

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

 
 
 
 

10. A credit scoring model is (choose the best answer that applies)

 
 
 
 

11. How is interest calculated on a credit card?

 
 
 
 

12. A revolving Credit account is…

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

18. You can increase Your Credit score if you

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

22. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

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

 
 
 
 

25. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

28. Credit blocking occurs when

 
 
 
 

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

 
 
 
 

30. An Affinity card (Check all that Apply)

 
 
 
 


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