Are You a Real Credit Card Spy?
Most people use credit cards, but they skip the fine print and forget the simplest terms used in the credit sphere. Answer questions 1-7 of the test and investigate how much you know about credit cards!
1. A pre-paid card may act as:
A credit card.
A debit card.
A postcard.
A prepaid card is similar to a debit card: also a stored value card, but usually anonymous.
2. Who is a credit surfer?
A banker from Huntington Beach, Ca.
A person who shifts from one credit card to another too frequently.
An individual that tends to gain the highest fees on a credit card.
A credit surfer, also a credit tart, frequently shifts from one credit card to another to gain from low introductory rates or no fees.
3. Bank penalty fee is imposed when
One fails to submit a credit card application online.
A soccer player fails to score a penalty.
An individual fails to pay on time.
Penalty fee is the amount charged when you fail to pay on time.
4. Annual percentage rate is
Yearly increase of bank interest.
An expression of the effective interest rate the borrower will pay on a loan.
Something of fine print.
Annual Percentage rate or APR is the interest paid on a loan.
5. Imagine someone stoles your identity. If the person uses your credit card before you report it missing, the most you will owe your company for unauthorized purchases is:
$30
$50 and not a cent more!
The company owes ME.
In case of credit fraud, you will be charged $50 flat rate.
6. A grace period is:
Christmas charity week.
A period during which you are having a 0% APR.
A time period during which you can pay your credit-card bill without paying a charge.
Grace period lets you purchase without overpaying interest for a certain period of time.
7. What is a secured credit card?
A special VIP card with an appointed security concierge to look after the cardholder.
A card where you deposit money into a savings account to act as collateral against your credit line.
A credit card which is sponsored by a police department.
Secured credit cards require a money deposit as collateral against your credit line.
