Credit Card Selection Quiz

Which item is important to consider when selecting a credit card?

• Annual Percentage Rate (APR)

• The look of the credit card

• Fees

• Both APR and fees

Which of these items is NOT important to consider when selecting a credit card?

• Annual Percentage Rate (APR)

• The look of the credit card

• Credit limit

• Penalties and Fees

What will happen to your credit score if you do not manage your debt wisely?

• You won't be able to track your credit score

• Your credit score will go up

• Your credit score will go down

• It will not affect your credit score

Not managing your debt wisely can result in _.

• An increase in your credit score

• A decrease in your credit score

• Inaccessible credit score

• No change in your credit score

Which of the following will help you protect yourself from identity theft and fraud?

• Regularly monitor your credit report.

• Contact lenders and credit bureaus to address incorrect information.

• Freeze your credit.

• All of the above

Which is a positive reason for using a credit card to finance purchases?

• You will get charged high interest.

• Paying it off on time can help build your credit history

• You'll be able to spend a lot of money without paying it back.

• You won't have to budget for your credit card expenses.

What is one drawback for paying off your credit card balance a little at a time, making only the minimum payment each month?

• Paying it off on time can help build your credit history.

• You can get rewards and discounts.

• You can buy something you need now and pay for it after pay day.

• You will get charged high interest

Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when __________.

• Choosing a financial advisor

• Choosing a credit card

• Looking at your credit score

• Selecting a financial institution

What is NOT a benefit of having a good credit score?

• When you need a loan, you'll have more loan offers to pick from.

• You'll get better interest rates on your loans.

• It will be easier to get an apartment.

• You'll get accepted to better education institutions

What is a benefit of having a good credit score?

• Loan sharks will be less likely to bother you.

• You'll get accepted to better education institutions.

• You'll get more job offers.

• When you need a loan, you'll have more loan offers to pick from