"What difference does it make how much you have? What you do not have amounts to much more." - Seneca

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Credit Card Quiz

You probably have more than a few of these little plastic cards in your wallet, but do you really know how they work and what they cost? Take this little SavingAdvice.com quiz to find out.


The average household in the US (as of 2001) that has credit cards currently has how much in credit card debt?

Less Than $5,000
$5000 - $7,499
$7,500 - $10,000
More Than $10,000

What is the approximate total amount of outstanding credit card loans (as of 2001) in the US?

$1 billion
$20 billion
$100 billion
$500 billion+

Of the households that have at least one payment card (bank credit cards, retail credit cards and debit cards), what is the average amount of payment cards per household?

Less Than 10 payment cards
10 - 15 payment cards
16 - 20 payment cards
21+ payment cards

If you buy a computer for $2,000 on your credit card (at 24% interest) and make a minimum payment of $60 each month, which of the following is true?

It will take about 33 months (2.7 years) to pay off the computer.
It will take about 5 years to pay off the computer.
It will take 7 years 3 months to pay off the computer.
It will take more than a decade to pay off the computer.



If you buy a computer for $2,000 on your credit card (ay 24% interest) and make a minimum payment of $60 each month, which of the following is true?

You will pay approximately $1,000 in interest.
You will pay approximately $1,500 in interest.
You will pay approximately the same amount in interest as you paid for the computer.
You will pay more in interest than you paid for the computer.

If you make a $500 purchase on your credit card which has a 19% interest rate as compared to a 12% interest rate, which of the following is true when making a minimum monthly payment of $15?

It will take more than five years to pay off the debt with either card.
The 12% credit card will be paid off 6 months earlier with almost half the amount of interest paid.
Both credit cards will require over $150 in interest payments.
The 12% credit card will be paid off in about half the time as the 19% credit card.

When credit fraud occurs, what is the maximum amount the consumer can be held liable for?

Nothing
$50
$100
There is no limit and liability is determined by how careless the consumer was.

Many credit cards give a "Grace Period" What is this grace period?

The amount of time you have between when you receive your bill and when you are charged a late fee.
The time period during which you can pay your credit-card bill without paying a finance charge.
The time period that credit card issuers offer new customers with low interest rate to get them to switch credit card companies.
A fixed 30 day period you have before you are charged any interest.



If you want to dispute credit card charges, how much time do you have to contact your credit card company after receiving your bill?

One Month.
Two Months.
Six Months.
One Year.

Which statement about debit cards is not true?

Debit card purchases take money directly out of your bank account.
The use of a debit card will sometimes result in extra charges.
Using a debit card is like writing an instant check.
Credit cards and debit cards are just different names for the same item and offer the same protections.


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