Cards & Payments Concepts Quiz

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

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


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


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


4. A poor Credit score could affect


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


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


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


8. Which statement best describes a Cash Advance


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


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


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


12. How is interest calculated on a credit card?


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


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


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


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


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


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


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


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


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


22. An Affinity card (Check all that Apply)


23. You can increase Your Credit score if you


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


25. Using the simple interest method calculation, interest is


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


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


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


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


30. Credit blocking occurs when



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