Credit Card Knowledge Quiz

Which of the following are benefits of a credit card?

• Alternative to cash

• Electronic mode of payment

• Easy to monitor and track expenses

• All of the above

If you pay your credit card bills after the due date, you will be charged with

• an annual fee

• service charges

• late payment charges

• minimum charges

Which statement is FALSE with regards to a credit card:

• It is a convenient and an efficient mode of payment

• You can use the statement to track your spending

• You are encouraged to make only the minimum payment

• Some credit card issuers introduce attractive schemes, such as zero-interest installment scheme, flexi-pay scheme and balance transfer

Which card can be an ideal payment instrument for imposing financial discipline?

• Credit card

• Charge card

• Debit card

• MyKad

To prevent fraud, you should

• keep your card safely

• never sign a blank sale or charge slip

• not let anyone use your card

• all of the above

If your cards have been stolen, you should FIRST

• notify your card issuer immediately

• make a police report

• just ignore it

• apply for a new card from another card issuer

Cash advance is a very convenient way to obtain cash, but it should be used ___ as it can be costly.

• as and when you like

• when you want to buy expensive items

• to pay for everything

• only as a last resort

The following are tips on using a credit card wisely:

• Limit the number of credit cards that you have

• All of the above

• Pay before the due date to avoid late payment and penalty charges

• Always pay your outstanding balance in full

Which of the following is a good practice when using a credit card?

• Using it for all your daily expenses

• Keeping track of your spending

• Only making minimum payments

• Sharing your card details with friends

What is the primary purpose of a credit card?

• To accumulate debt

• To provide a means of borrowing money

• To earn rewards only

• To avoid paying bills