Take the Credit Card IQ Testby Tim Manni
Do Americans spend more when they pay with cash — or with plastic? When are banks allowed to raise your interest rate?
To find out the answers to these questions and more, take the credit card IQ test. Eileen AJ Connelly of the Associated Press assembled a 10-question quiz which will test your credit card knowledge as well as gauge your credit score.
1. What’s more important for your credit score?
a) Your payment history
b) How many credit cards you have
c) How long you’ve had your cards
d) How many times you’ve applied for credit cards
2. True or False: Studies have shown that people spend more when they are using credit cards than when they’re shopping with cash?
3. The typical American carries a balance of $3,000 in credit card debt. If you make no more charges and pay only the minimum payment due each month, how long will it take to pay that debt off at 10% interest?
a) 2 years
b) 8 years
c) 18 years
d) 29 years
Click here to continue taking the quiz and score your results. After you’re finished, be sure to let us know how you fared.
Readers: How did you score? Did you know as much as you thought you did, or is there more that you need to learn? If so, what would you like to learn more about?