Cards & Payments Concepts Quiz

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

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1. You can increase Your Credit score if you

 
 
 
 

2. A poor Credit score could affect

 
 
 
 

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

 
 
 
 

4. A revolving Credit account is…

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

9. What is a secured Credit Card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

14. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

16. An Affinity card (Check all that Apply)

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

22. Credit blocking occurs when

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

26. How is interest calculated on a credit card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 


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