#1
What is the purpose of the Credit Card Accountability Responsibility and Disclosure Act (CARD Act)?
To limit fees and interest rate hikes
To promote credit card advertising
To increase credit limits without consent
To eliminate credit card rewards
#2
What does the term 'Credit Score' primarily reflect in the context of credit cards?
Total income of an individual
Creditworthiness based on financial history
Number of credit cards owned
Amount of debt owed on credit cards
#3
What does the term 'Grace Period' mean in the context of credit cards?
The time during which interest is charged on the balance
The period after the due date before late fees are assessed
The duration between credit card applications
The period when credit card rewards are active
#4
What does the term 'APR' stand for in the context of credit cards?
Annual Payment Requirement
Average Percentage Rate
Annual Percentage Rate
Account Payment Responsibility
#5
Which government agency is responsible for overseeing credit card regulations in the United States?
Federal Reserve
Department of Justice
Consumer Financial Protection Bureau
Securities and Exchange Commission
#6
What is the purpose of the Truth in Lending Act (TILA) in the context of credit cards?
To regulate credit card interest rates
To provide consumer protection against unfair billing practices
To disclose the terms and costs associated with borrowing
To prevent identity theft
#7
What is the purpose of the Credit CARD Act of 2009 in relation to credit cards?
To increase credit card interest rates
To decrease consumer disclosure requirements
To enhance consumer protections and disclosures
To eliminate credit card rewards programs
#8
Under the Electronic Fund Transfer Act (EFTA), what must a credit card issuer do if a consumer reports a lost or stolen card within two business days of discovery?
Charge the consumer for any unauthorized transactions
Limit the consumer's liability to $50
Hold the consumer responsible for all unauthorized transactions
Refuse to issue a replacement card
#9
Under the Fair Debt Collection Practices Act (FDCPA), which of the following is prohibited when attempting to collect a debt?
Contacting the debtor at any time
Harassing or threatening the debtor
Providing accurate information about the debt
Communicating with the debtor's attorney
#10
Which federal agency enforces the Equal Credit Opportunity Act (ECOA) in the United States?
Federal Trade Commission (FTC)
Consumer Financial Protection Bureau (CFPB)
Federal Reserve
Department of Justice
#11
Which of the following is a right granted to consumers under the Fair Credit Billing Act (FCBA)?
Right to dispute billing errors
Right to unlimited credit
Right to access others' credit information
Right to waive monthly payments
#12
Under the Fair Credit Reporting Act (FCRA), consumers have the right to:
Sue credit reporting agencies for any reason
Access their credit reports annually for free
Request higher interest rates on credit cards
Share credit information without consent
#13
Which of the following is a common practice prohibited by the Credit CARD Act?
Retroactive interest rate increases on existing balances
Unlimited late payment fees
Issuing credit cards without a credit limit
Providing unlimited cashback rewards
#14
What is the primary purpose of the Equal Credit Opportunity Act (ECOA) in the context of credit cards?
To limit credit availability to certain individuals
To promote discrimination in credit lending
To ensure fair and equal access to credit
To eliminate credit reporting agencies
#15
What is the purpose of the Credit Limitation Law?
To prevent credit card companies from setting credit limits
To regulate the maximum amount of credit that can be extended to a consumer
To eliminate credit card interest rates
To encourage unlimited credit spending
#16
In the context of credit cards, what is the purpose of the Schumer Box?
To store credit card information securely
To disclose key credit card terms and fees
To eliminate credit card fraud
To provide unlimited credit to consumers