QUIZ: How much do you know about credit cards?

Most of us use them everyday for just about every purchase. But how much do you really know about your credit cards?  Test your knowledge by taking the Let Joe Know consumer quiz.
 
Your credit card is stolen and the thief runs up a total of $1000. You notify the issuer of the card as soon as you discover it is missing. What is the maximum amount that you can be obligated to pay according to federal law?

A.None
B.$50   
C.$100
D.$500..
 
Under federal law, banks can only hold you responsible for $50 if you report your credit card lost or stolen. Some banks won't hold you responsible for any amount if you report a credit card stolen or lost immediately. For ATM/debit cards, you must report that loss within 2 business days or your financial responsibility could be much higher. 
 
If you pay the total amount on your credit card bill every time,  you won't pay even a dime of interest. 
 
A.True 
B.False
 
Stores can set a minimum credit card amount of:

A. $5
B. $10  
C. Stores can't set a minimum amount
 
The law changed in 2010 banning stores from setting credit card minimums.
 
(ANSWERS BELOW)
 
Read more about your credit card rights.
 
E-mail me with any consumer issue you have or "like" my Let Joe Know Facebook page and tell me about it there.
 
 
 
 
 
 
 
 
 
 
1. B
2. A
3. B
Print this article Back to Top

Comments
web fb twitter jd share Image Map