Your 1st Credit Card

10 Questions | Total Attempts: 70

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Credit Card Quizzes & Trivia

Options for your first credit card, weighing the pros and cons.


Questions and Answers
  • 1. 
    Relating to credit, APR stands for:
    • A. 

      The month of April.

    • B. 

      The annual percentage rate.

    • C. 

      The annual per-year rebate.

    • D. 

      The adult practice rate.

  • 2. 
    With a secured credit card:
    • A. 

      The bank charges you $25 per month to have the card.

    • B. 

      You must have an authorized user co-sign for your collateral.

    • C. 

      You must have a student account to hold as collateral.

    • D. 

      You have a savings deposit on hold as collateral.

  • 3. 
    The bonus of getting 5% cash back:
    • A. 

      Means you don't have to pay 5% of your credit card bill each month.

    • B. 

      Means you earn 5% cash back on your credit card statement for certain purchases.

    • C. 

      Means you get 5% cash back at the end of the year from the credit card company.

    • D. 

      Means you will have to pay an annual fee to have the credit card.

  • 4. 
    An annual fee for a credit card:
    • A. 

      Is standard with any type of credit card you apply for.

    • B. 

      Is a special fee if you do not use your credit card for one annual year.

    • C. 

      Is a fee you pay each year to have the particular credit card.

    • D. 

      Is not a fee connected with student accounts.

  • 5. 
    Zero percent on a balance transfer means:
    • A. 

      You do not pay any interest on a credit card balance you transfer from another credit card.

    • B. 

      There is not a balance due for that month on your credit card statement.

    • C. 

      You will be charged a fee of zero dollars for that particular month of purchases.

    • D. 

      You made zero purchases on your credit card for the month.

  • 6. 
    If you are over 21 years of age, you cannot be an authorized user on your parents' credit card.
    • A. 

      True

    • B. 

      False

  • 7. 
    The HIGHER the APR, the better the credit card value.
    • A. 

      True

    • B. 

      False

  • 8. 
    A secured credit card (check as many answers that are true):
    • A. 

      Has a definite credit limit.

    • B. 

      Always has an annual fee.

    • C. 

      Has a low APR.

    • D. 

      Has collateral.

  • 9. 
    Using a credit card will affect my credit score.
    • A. 

      True

    • B. 

      False

  • 10. 
    Choosing the right credit card is an important decision that can affect your credit for years to come.
    • A. 

      True

    • B. 

      False

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