Cards & Payments Concepts Quiz

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

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1. What is a secured Credit Card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

5. A revolving Credit account is…

 
 
 
 

6. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

13. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

15. Which method for calculating interest on an outstanding balance usually produces the lowest overall interest payment for a stated contract rate?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

18. An Affinity card (Check all that Apply)

 
 
 
 

19. You can increase Your Credit score if you

 
 
 
 

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

 
 
 
 

21. A poor Credit score could affect

 
 
 
 

22. How is interest calculated on a credit card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

29. Credit blocking occurs when

 
 
 
 

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

 
 
 
 


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