WorksheetsCredit Card Quiz
Total questions: 20
Worksheet time: 11mins
The least amount that must be paid on a credit card each month is
Late Fee
Credit Limit
Payment Amount
Minimum Payment
How can a cardholder avoid paying interest on a credit card?
Do not pay anything
Pay the minimum payment after its due date
Pay the balance in full every month
Pay the minimum balance every month
The rule of thumb for credit card users is not to carry a balance over 30% of your credit limit.
True
False
Parents may add a child who is under 21 as an authorized user to an existing credit card.
False
True
According to the U.S. Federal Reserve, 46% of American adults have an outstanding balance on their credit cards.
Correct
Incorrect
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
None of the above
Neither
Chase Sapphire
American Express
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you have paid more interest for?
Chase Sapphire
American Express
You pay the same amount of interest for both
All of the above
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.
The cost of borrowing money is referred to as
Credit Line
Credit
Annual Percentage Rate
Interest
This card is tied to your checking account.
Credit Card
Debit Card
Social Security
Drivers License
What type of fee is given to a cardholder if they do not make the minimum monthly payment by the due date?
Overtime fee
Late- payment fee
Misdemeanor
Identify Theft fee
