Credit Card Knowledge Quiz

What does buying on credit mean?

• Paying with cash

• Borrowing money from the credit card issuer

• Receiving a discount

• Earning rewards points

What happens if you pay back all the money within 25 to 30 days?

• You have to pay extra fees

• You avoid paying interest

• You earn cashback

• You increase your credit limit

Which two companies are the main types of credit cards mentioned?

• American Express and Discover

• Visa and MasterCard

• PayPal and Venmo

• Chase and Bank of America

What is a unique feature of a credit card given out by a business?

• It has no credit limit

• It can only be used at that business

• It offers higher rewards

• It has lower interest rates

What is the first step to get a credit card from a bank or business?

• Provide credit references

• Fill out an application form

• Receive approval from the bank

• Make a cash deposit

What factor is most important for a bank to approve a credit card application?

• Your age

• Your credit score

• Your favorite color

• Your marital status

What is a requirement for applying for a student credit card?

• Must be at least 18 years old

• Must have a driver's license

• Must own a car

• Must have a passport

What is a secured card?

• A card with no credit limit

• A card that requires a cash deposit

• A card that is only for students

• A card with no interest rate

What is a credit limit?

• The amount of cash you can withdraw

• The amount of money you can borrow using the card

• The number of transactions you can make

• The number of cards you can own

What is a credit score based on?

• Loan money

• Credit history

• Number of credit cards

• Bank balance