A Credit Card Quiz

1) It is better to have a fixed-rate credit card than a variable rate credit card so you don't have to worry about your annual percentage rate (APR) being raised.

2) All credit card issuers have the same rule: if you pay off your credit card bill in full by the due date indicated on your statement, you won't be charged interest on any purchases that appear on that statement.

3) By law, once you report the loss of your credit card, you have no responsibility for unauthorized charges.

4) Most credit card issuers have formal policies in place to protect cardholders against unauthorized transactions on their accounts.

5) If you frequently pay your credit card just a couple of days after the due date, this won't affect your credit rating.

6) The federal Fair Credit Billing Act allows you to withhold payment on any damaged or poor-quality goods or services purchased with a credit card.

7) All credit cards have the same grace period.

8) Credit card companies can increase the fixed APR without notifying the cardholder.

9) You won't pay interest on a cash advance and balance transfers as long as you pay your credit card bill in full by the due date indicated on your statement.

10) A secured card is a credit card with a rate guaranteed not to increase.