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6 Financial Literacy - Credit Cards

Quiz by detch

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30 questions
Show answers
  • Q1
    What percentage discount do many credit cards offer on purchases if paid back within a month?
    3-4%
    1-2%
    0%
    5-10%
    30s
  • Q2
    What is a common maximum limit for a new credit card holder's borrowing capacity?
    $200
    $500
    $300
    $1000
    30s
  • Q3
    What interest rate do credit cards often have, making them potentially expensive if not paid on time?
    10.99%
    29.99%
    15.99%
    22.99%
    30s
  • Q4
    Why might someone choose to pay for groceries with a credit card instead of cash?
    To get a discount
    To avoid carrying cash
    To earn travel points
    Because it's safer
    30s
  • Q5
    What happens if you max out your credit card and cannot pay it back?
    It becomes hard to pay back
    You get a bonus
    You get more credit
    You can ignore it
    30s
  • Q6
    What can happen if you do not pay back your credit card loan on time?
    You may incur high interest fees
    You receive more credit
    You can cancel the credit card
    You get a reward
    30s
  • Q7
    What should you consider if you plan to use your credit card to buy a luxury item with no money in your budget?
    You may fall into debt
    You will get a discount
    You will earn points
    It's a smart investment
    30s
  • Q8
    What does using a credit card responsibly help build over time?
    More debt
    Good credit
    Less trust from banks
    Higher monthly payments
    30s
  • Q9
    What financial advantage is provided by using a credit card for rentals that is not available with cash?
    Extra insurance
    Cashback rewards
    Lower prices
    Loyalty points
    30s
  • Q10
    Why might someone find it financially dangerous to use a credit card?
    If they pay on time
    If they have high limits
    If they lack self-control
    If they have a good job
    30s
  • Q11
    What is the main benefit of using a credit card for purchases if paid back within a month?
    They always offer cash back.
    They often don’t charge any interest.
    They provide free insurance.
    They have very low fees.
    30s
  • Q12
    What is a common interest rate associated with credit cards?
    15.99%
    30.99%
    22.99%
    5.99%
    30s
  • Q13
    What happens if a credit card is stolen before it is cancelled and used by someone else?
    The credit card company won’t charge you.
    You will lose your entire credit limit.
    You are responsible for the charges.
    You need to pay a fine to the bank.
    30s
  • Q14
    What is one of the reasons banks may increase your credit limit over time?
    You pay back your loan regularly.
    You never use the card.
    You spend more than your limit.
    You apply for a lower interest rate.
    30s
  • Q15
    What does it mean to 'max out' your credit card?
    To pay off the card entirely.
    To use the card for a small purchase.
    To borrow the maximum amount allowed on the card.
    To not use the card for a long time.
    30s

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