Are you Credit Card Savvy?
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Questions and Answers

Which of the following is a disadvantage of having a credit card?

  • Annual fee (correct)
  • Late fee
  • Cash advance fee
  • Foreign transaction fee
  • What is the main cause of credit card debt?

  • Irresponsible spending habits (correct)
  • High interest rates
  • Foreign transaction fees
  • Late payments
  • What is one advantage of having a credit card?

  • Lost or stolen safeguards (correct)
  • Cash advance fees
  • Late fees
  • High interest rates
  • Which of the following is a reason why people use credit cards instead of cash?

    <p>All of the above</p> Signup and view all the answers

    What happens when you open one credit card and start making purchases?

    <p>You receive multiple offers to open other credit cards</p> Signup and view all the answers

    What is the average amount of credit card debt owed by the average household?

    <p>$16,000</p> Signup and view all the answers

    Which of the following is a benefit of being responsible with your credit card?

    <p>You can establish and build positive credit</p> Signup and view all the answers

    What should you do in order to make perks and reward programs worth it?

    <p>Pay off your credit card balance each month</p> Signup and view all the answers

    What do many credit card companies offer based on the amount of purchases you make?

    <p>Benefit programs</p> Signup and view all the answers

    What is important to do if you want to build positive credit with your credit card?

    <p>Be responsible with your credit card</p> Signup and view all the answers

    True or false: Being responsible with your credit card can help you establish and build positive credit for the first time.

    <p>True</p> Signup and view all the answers

    True or false: Credit card companies offer benefit programs based on the amount of purchases you make.

    <p>True</p> Signup and view all the answers

    True or false: Perks and reward programs are only worth it if you pay off your credit card balance each month.

    <p>True</p> Signup and view all the answers

    Match the following statements with their corresponding implications:

    <p>Build Positive Credit = Being responsible with your credit card helps establish and build positive credit Perks and Rewards = Credit card companies offer benefits based on the amount of purchases you make Pay off credit card balance each month = Makes perks and reward programs worth it</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Build Positive Credit = Establishing and improving credit score by being responsible with your credit card Perks and Rewards = Benefit programs offered by credit card companies based on the amount of purchases Pay off credit card balance each month = Action needed to make perks and reward programs worth it</p> Signup and view all the answers

    Match the following actions with their outcomes:

    <p>Being responsible with your credit card = Helps establish and build positive credit Making a lot of purchases with your credit card = Can earn you perks and rewards Paying off your credit card balance each month = Ensures perks and reward programs are worth it</p> Signup and view all the answers

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