Are You Good With Money? - Test your Financial Knowledge

A Garden State Consumer Credit Counseling^SM organization
A Non-Profit Organization

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ARE YOU CREDIT SAVVY?

Is a credit card a loan?
A) No
B) Yes
C) Don’t know
D) Yes, but it is not as important to your credit record as an installment loan

What is the difference between a debit card and a credit card?
A) There isn’t a difference
B) Using a credit card to pay deducts the money directly from your checking/savings account while paying
with a debit card means that you are borrowing the money
C) Using a debit card to pay deducts the money directly from your checking/savings account while paying
with a credit card means that you are borrowing the money
D) None of the above

What type of debt is a credit card?
A) Charge
B) Revolving
C) Installment
D) Both B & C

What fees do credit card companies charge?
A) Late and over the limit
B) Transaction
C) Annual
D) All of the above

Credit cards are always a fixed rate. True or False
True
False

What is an “APR”?
A) APR is the annual percentage rate of interest that you will need to pay on your outstanding balance.
B) APR is the annual payment record of any late payments
C) APR is the annual processing rate of your statements from the lender
D) There is no such thing as APR

Is the grace period on a credit card before the payment is due or after the due date?
A) After the payment is due. Everyone can pay a few days late without penalty.
B) Before the payment is due for paying interest on the balance and after the due date before late fees are charged.
C) Before the payment is due. If the payment is made after this grace period, you will pay late fees and interest.
D) None of the above.

How much notice must a credit card company give before raising your interest rate?
A) 15 days
B) 30 days
C) 60 days
D) 90 days

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Page last updated on 02/04/2012