Credit Card Quiz

Credit Card Quiz: What Is Your Credit Card IQ?

« Previous Lesson

Lesson 12 of 12

This credit card quiz can show you how prepared you are. Or are not. Handling credit cards responsibly is an important part of good financial health. When you know how to get the best credit card, manage your spending and handle rewards you put yourself in a strong fiscal position.

Now take a few minutes to answer these credit card quiz questions and test your credit card knowledge with the following credit card iq quiz:

  1. Which of the following is NOT true of the Credit Card Act of 2009?
    1. The act limits interest rates except on existing balances in most situations.
    2. The act removes over-the-limit fees unless you opt-in.
    3. The act raises minimum payments.
    4. The act forces due dates to be the same date each month.
  2. Of the following reasons to use credit cards which reason is not the best?

    1. Credit cards let you buy things that you cannot yet afford, making payments in the future.
    2. Credit cards give you benefits for purchases, such as warranty extensions or cash back bonuses.
    3. Credit cards are convenient and, generally, safer than cash.
    4. Credit cards help you to build your credit, perhaps the best reason to use credit cards.
  3. Your credit score impacts your car and life insurance rates.

    1. True
    2. False
  4. Which of the following benefits are possible with many credit cards?

    1. Car rental insurance.
    2. Earning cash back.
    3. Extending warranties on purchases.
    4. All of the above.
  5. What is a secured credit card?

    1. A card guaranteed against fraud.
    2. A card that cannot be stolen because you wear it on a keychain.
    3. A virtual account number that you can use to shop online.
    4. A card that you secure with a small deposit.
  6. What does APR stand for?

    1. Approximate Pay Rate
    2. Annual Proximal Rate
    3. Annual Percentage Rate
    4. Acquired Percentage Rate
  7. It is okay to stretch the truth about how much money you make when you apply for a credit card.

    1. True
    2. False
  8. A FICO score falls between what range?

    1. 0 and 100
    2. 0 and 350
    3. 350 and 850
    4. 550 and 900
  9. What is the best way to improve your credit score?

    1. Make credit card payments on time.
    2. Apply for more cards.
    3. Apply only for Visa cards.
    4. All of the above.
  10. How much should you pay on your credit card?

    1. You should pay only the minimum payment.
    2. You are legally required to pay the balance in full before your grade period ends.
    3. You should pay as much as you can, striving to pay more than the minimum payment.
    4. You should pay interest and fees plus 10% of the principle.

Building Your Credit
The best credit card quiz is designed just to get you thinking. With proper credit card use you can build your credit history, making it easier for you to make large purchases such as cars and homes in the future. A good credit history will save you money in many ways and it is important to strive for. Consider how well you did on this credit card quiz and read up on areas where you may have been a bit rusty.

« Previous Lesson

Lesson 12 of 12

Copyright © 2014 Credit Cards . All rights reserved.

Advertiser Disclosure: The credit card offers that appear on are from credit card companies from which this site receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.

Editorial Disclosure: The editorial content on is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.