#1
Who is credited with inventing the first general-purpose credit card?
Frank McNamara
ExplanationFrank McNamara is credited with inventing the first general-purpose credit card.
#2
In what year was the first general-purpose credit card introduced?
1958
ExplanationThe first general-purpose credit card was introduced in 1958.
#3
Which of the following is NOT a type of credit card?
Debit card
ExplanationA debit card is not a type of credit card.
#4
What is the main function of a credit card issuer?
To issue credit cards and extend credit to consumers
ExplanationThe main function of a credit card issuer is to issue credit cards and extend credit to consumers.
#5
Which credit card network was founded by a group of California banks in 1966?
Visa
ExplanationVisa was founded by a group of California banks in 1966.
#6
What is the term used to describe the maximum amount of money that a cardholder can borrow on a credit card?
Credit limit
ExplanationThe term used to describe the maximum amount of money that a cardholder can borrow on a credit card is 'credit limit'.
#7
Which company introduced the first credit card with a magnetic stripe?
IBM
ExplanationIBM introduced the first credit card with a magnetic stripe.
#8
What was the purpose of the BankAmericard, the precursor to Visa?
To provide revolving credit to consumers
ExplanationThe purpose of the BankAmericard, precursor to Visa, was to provide revolving credit to consumers.
#9
What was the name of the first credit card to be widely accepted outside the United States?
Diners Club
ExplanationDiners Club was the first credit card to be widely accepted outside the United States.
#10
Which technological advancement revolutionized credit card transactions in the 1980s?
ATM network expansion
ExplanationATM network expansion revolutionized credit card transactions in the 1980s.
#11
Which legislation significantly impacted credit card practices by limiting fees and interest rates?
Credit CARD Act of 2009 (U.S.)
ExplanationThe Credit CARD Act of 2009 (U.S.) significantly impacted credit card practices by limiting fees and interest rates.
#12
Which company introduced the concept of the first revolving credit card system?
Bank of America
ExplanationBank of America introduced the concept of the first revolving credit card system.
#13
Which country introduced the concept of the first 'charge card' in the 1920s?
France
ExplanationFrance introduced the concept of the first 'charge card' in the 1920s.