| The Ultimate Credit
Card Quiz |
| True or False: |
| 1. |
It is better
to have a fixed-rate credit card than a variable rate
credit card so you don't have to worry about your annual
percentage rate (APR) being raised. |
|
| 2. |
Paying only
the minimum monthly payment is a good way to keep your
monthly expenses low, while paying off your credit card
debt. |
|
| 3. |
If you do not
purchase credit card theft insurance, you will be
responsible for whatever charges a thief puts on your
account if your card is stolen. |
|
| 4. |
If you have a
credit card you no longer use, cut it up and throw it
away. The account will close after ten months of
inactivity. |
|
| 5. |
Almost 1,000
Missouri residents a year are victims of identity theft. |
|
| 6. |
The Fair
Credit Billing Act gives consumers the right to withhold
payment on poor quality or damaged merchandise purchased
with a credit card. |
|
| 7. |
If you want a
lower rate on your credit card, you can probably get one
just by asking. |
|
| 8. |
Credit card
companies must give you 60 days notice before raising
your interest rate. |
|
| 9. |
By law, your
credit card must charge the same interest rate for
purchases and cash advances. |
|
| 10. |
Every time
you check your credit history, you damage your credit. |
|
Submitted by Cynthia E.
Crawford, Ph.D., Consumer & Family Economics Specialist, Saline
County, University of Missouri-Columbia, University Outreach &
Extension with special thanks to Amy C. Fleitas. Last update:
Wednesday, May 18, 2005 |
