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Credit Card Quiz: How Much Do You Know About Its Benefits and Features?

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Editor, TRANSFIN
Oct 28, 2020 11:33 AM 5 min play


Credit cards have a spiralling effect on an individual's personal finances and consequently on the overall economy. However, they do serve as important instruments to conduct financial transactions.

Many among us subscribe to credit cards. But do we understand ALL the nitty-gritties about how they work, what are the different terminologies used in their functions and most importantly, what role they play in the economy?

Let's dive into the Quiz to get answers to some these questions!

Here's a little preview of what awaits you!

  1. What is the average number of credit cards outstanding per 100 persons in India?
  2. Arrange the following banks in descending order of number of credit-cards issued?
  3. Which of the following factors DO NOT impact credit score?
  4. Which of the following payment networks back the "Kisan Credit Card" issued by banks across the country, enabling farmers to transact business on ATMs and PoS terminals?
  5. Which of the following fintech startup(s) have launched their own branded credit card?
  6. Match the countries to their Credit Card spends as a percentage of their GDP. The percentages in descending order are: (I) 26%, (II) 18%, (III) 13%, (IV) 3.2%.
  7. API - Annual percentage Rate, MR - Monthly Rate, DRI - Daily Rate of Interest. DRI is applicable for each day the debt goes unpaid on the credit card after the grace period. How is DRI calculated?
  8. The Credit Utilisation Ratio (CUR) is the percentage of a borrower's total available credit that is currently being utilised. It is often used as a component to determine credit score. Which of the following improves one's credit score?
  9. For the first time in a decade, what happened to the outstanding credit card debt for the June 2020 quarter in India?
  10. Which of the following is a good way to clear one's expanding credit card debt?

FIN.

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