We accept them every day every day from our customers, but how much do we really know about credit cards?
For instance: Did you know that there are enough cards in circulation to span the earth over 3.5 times if placed side by side?
Did you know that the first credit card was introduced over 100 years ago?
Take our 10-question quiz below to test your credit card knowledge and learn more about one of the world’s most prominent payment methods.
1. The percentage of Canadians that pay their credit card balance in full each month is:
a. 40 percent
b. 60 percent
c. 50 percent
2. Western Union introduced the first charge card system in:
3. In the world of credit card processing, the “acquirers:”
a. authorize and settle credit card transactions made by cardholders .
b. Receive credit cards in the mail.
c. Purchase credit card mailing lists for marketing use.
4. The world’s largest cardholder group belongs to:
5. In 1950, the first credit card was introduced that could be used in multiple locations. The issuing institution was:
a. Diners Club
6. The first two digits of a credit card number indicate:
a. The issuer of the card
b. The owner of the card
c. The owner’s credit score
7. The name for the governing bodies that oversee the world of credit, debit, cheques and other electronic payments are called:
8. The concept of “revolving balance” introduced in 1959 refers to:
a. Allowing credit card holders to keep a balance on their credit card without paying it off completely every month.
b. Allowing credit card holders to increase or decrease their credit limit as they see fit.
c. Allowing credit card issuers to increase or decrease interest rates as they see fit.
9. The most exclusive credit card available is the:
a. Dubai First Royal MasterCard
b. JP Morgan Chase Palladium Card
c. American Express Centurion Card
10. Smart cards, otherwise known as “chip-and-pin” cards were first introduced in 1971 and used in:
So how did you do? Award yourself 2 points for every correct answer and check below for your credit card IQ.
16-20 Points – Plastic Pro
You possess a great deal of knowledge on the history and inner-workings of credit card payment systems. You personally have only one or a handful of cards that you use strategically. You understand how credit cards work and can apply this knowledge to your business.
10-14 Points – MasterCard Moderate
You know the basics of credit card usage, but limited history and background on the payment processing system itself. Credit cards are a part of your everyday financial activity, but you don’t spend much time analyzing their impact or significance on your overall business strategy.
0-8 Points – Charge Card Chump
You know very little about credit cards, although you may have a wallet full of plastic. Whether you don’t have the time to learn all the inner workings of the credit card system, or you simply aren’t interested, you pay with credit cards whenever you see fit and accept them at your business without overanalyzing their use.