Credit Card Quiz - Test your credit card smarts

Credit Cards Quiz

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Question 1: Which of the following is likely to raise your APR automatically?
You went over your credit limit on another card.
You failed to make a payement to another creditor.
You applied for and received a loan.
All of the above.

Question 2: How many credit cards does the average American family have?
7
8
9
11

Question 3: What is a cash-back card?
A card that pays the card holder a percentage of the purchases he makes.
A card that pays the card holder $1 for each purchases he makes.
A card that pays the card holder cash if the balance is paid early.
None of the above.

Question 4: Debit cards:
provide the same protection on purchases as credit cards
do not provide credit to the holder
increase your balance to limit ratio
none of the above

Question 5: The purpose of a consolidation loan is to:
decrease the balance owed
pay off one credit card amount before others are paid
combine several debts into one payment
reduce the amount owed for federal income taxes

Question 6: What is the typical grace period you have to pay off a cash advance before interest begins being charged?
You begin being charged for interest immediately.
Usually 10 days, it depends on the credit card.
Usually 1 month, it depends on the credit card.
Usually 2 months, it depends on the credit card.

Question 7: If you owe $1,000 on card A at 10% and $10,000 on card B at 15% and have $1,000 to pay off some of your debt, what is the best choice:
pay off card A
decrease your card B balance
pay $500 to card A and $500 to card B
pay $300 to card A and $700 to card B

Press the Submit button to see the results.