Credit Card Pop Quiz

The least amount that must be paid on a credit card each month is

• Late Fee
• Credit Limit
• Payment amount
• Minimum Payment

It is best to pay more than the minimum due on your credit card.

• True
• False

It would be best to have a high credit score

• True
• False

You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?

• American Express
• Chase Sapphire
• Neither
• All of the above

Which of the following is an ADVANTAGE of credit?

• No need for carrying cash
• Annual Fees
• Interest Rates

What type of credit is a credit card?

• Single-Payment
• Installment Credit
• Revolving Credit

Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

What is an annual fee? 

• The act of transferring money 
• A fee charged by a card issuer for being a card holder. 
• The days between the last statement and the current statement. 
• A fee charged to a cardholder's account once a payment is late. 

Each purchase is a loan that is repaid later

• Debit card
• Credit card
• Both