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


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


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


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


6. Using the simple interest method calculation, interest is


7. Credit blocking occurs when


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


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


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


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


12. What is a secured Credit Card?


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


14. How is interest calculated on a credit card?


15. An Affinity card (Check all that Apply)


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


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


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


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


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


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


22. You can increase Your Credit score if you


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


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


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


26. A poor Credit score could affect


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


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


29. A revolving Credit account is…


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



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