Quiz: What Is Your Credit Card IQ?

September 25, 2020

Are you confident that you know how credit cards work? Credit cards are complex and can lead to some sticky situations if you’re not careful. Before you take on the powerful plastic, you should make an effort to understand how to use credit responsibly.

Do you know what an interest rate or APR is? How about the FICO credit score range? What do you know about late payments? Find out by putting your knowledge to the test. This credit card IQ quiz will ask you about a variety of credit card facts. Do you have what it takes to get a perfect score? Let's find out.

 

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How did you do? These credit IQ questions may have caught you off guard, and that's okay, especially if you’re a new or soon-to-be cardholder. It’s important that you take initiative in learning everything there is to know about credit cards, as the effects of improper credit card usage can endure long after any mistakes happen.

 

How can I improve my credit card IQ?

A good way to bolster your credit card knowledge is to start reading more financially-focused articles. Improving your financial literacy takes time, but soon you’ll be an expert in annual fees, cash advances, and all things involving credit. In the meantime, jump start your learning and research by reading the following articles.

 

Credit issuers expect cardholders to understand their lingo. When applying for your first credit card, there may be words that you don’t understand. With this terminology cheat sheet, you will be prepared for any credit information that is thrown your way. 

 

Potential first-time credit cardholders often wonder how their card is going to work, if they will go into debt with their card, how it differs from a debit card, and more. Becoming aware of good credit card habits will help you to stay out of debt, save money, and boost your credit score.

 

College is a time of change and growth for students everywhere. Many students may find themselves experiencing personal freedom and financial independence for the first time. While college is a prime occasion for meeting new people, learning new things, and having fun, it is also a great opportunity to build your credit score. 

 

Because a credit card gives you access to a large sum of money, you have to be reasonable with the management of your credit account. Here are tips from ten college students to help you learn from others who have experience with using a credit card themselves.

 

We encourage you to take the test again or share it with a friend. Whether you raise your score or maintain your knowledge, you can never study these terms too much. Keep going until you get a perfect score. Practice makes perfect.

 

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