Cards & Payments Concepts Quiz

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

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


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


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


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


5. Using the simple interest method calculation, interest is


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


7. How is interest calculated on a credit card?


8. Credit blocking occurs when


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


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


11. What is a secured Credit Card?


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


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


14. You can increase Your Credit score if you


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


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


17. A poor Credit score could affect


18. An Affinity card (Check all that Apply)


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


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


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


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


23. Which statement best describes a Cash Advance


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


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


26. A revolving Credit account is…


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


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


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


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



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