Banking Practice Set on Credit Card, Visa or Bank Card

1. What do you mean by an Affinity Card while talking in reference to bank__
a. The Credit Cards that are linked to special organizations
b. The Credit Cards with zero interest rate on repayments
c. The Credit Cards exclusively for the Bank’s employees
d. All of above

Answer: Option a

2. Name the credit card sponsored by both a bank & retail vendor when a bank ties up with a retail vendor__
a. Retail Credit Card
b. Vendor Card
c. Co-branded Card
d. Cash back Card

Answer:  Option c

3. When a business entity is authorized to accept cards for the payment of goods and services, it is known as?
a. Acquirer
b. Merchant
c. Issuer
d. Authorised Issuer

Answer: Option b

4. Name the international standard that is responsible to define the shape and size of the I-Cards is __
a. ISO/IEC 5200
b. ISO/IEC 7810
c. ISO/IEC 14000
d. ISO/IEC 5210

Answer: Option b

5. What is the validity period of a Kisan Credit Card?

a. 3 Years
b. 2 Years
c. 10 Years
d. 5 years

Answer: Option a

6. Choose the credit card facility that was first to be recognized worldwide?
a. Maestro card
b. Master Card card
c. Diner Card
d. Visa Card

Answer: Option d
Explanation: Visa was accepted internationally and became the first credit card facility to be recognized worldwide. It is a conditional authorization provided by an assigned authority of a country to a person who is not a citizen of that country. Through Visa, he/she can enter its territory and can be remain there for limited duration.

7. Can you name the country from which the concept of Credit Card originated___
a. United Kingdom
b. United States
c. France
d. Australia

Answer: Option b
Explanation: The Credit Card was started using in United States during the period of 1920s for selling fuel to automobile owners. In later 1940s, the credit card usage reached to the customers when Diners Club came into effect for the first time  in early 1950s. The Bank of America, in the year 1958, had issued the BankAmericard in California state and this became the first successful modern credit card issue in the Banking sector

8. What is the time period during which no interest is charged on a credit card?
a. Term period
b. Loan period
c. Grace period
d. Sanction Period

Answer: Option c
Explanation: Grace periods vary, but usually range from 20 to 30 days depending on the type of credit card and the issuing bank.

9. Which among the following is/are correct statements with reference to the prepaid credit cards?

1. credit facility is offered for the purchaser of the card
2. no interest charged from the purchaser of the card
3. no purchasing fee and monthly fees charged before an arbitrary time period

Select the correct option from the codes given below:
a. Only 1 & 2
b. Only 2 & 3
c. Only 1 & 3
d. 1, 2 & 3

Answer: Option b

10. The significance of cirrus logo on ATM/debit cards is to have cash access facility__?
a. anywhere in India only
b. outside the India only
c. in or outside the India
d. in and outside the India

Answer: option d

11. The Secured credit cards are generally available to the person with __
a. Poor credit history
b. Strong Credit History
c. High Net worth Income
d. Government Job

Answer: Option a
Explanation: These cards require a security deposit to be placed on the card. The credit limit on a secured credit card is typically equal to the deposit made on the card, but it could be more in some cases. These cards are available with both Visa and MasterCard logos on them. .

12. Which international standard governs Credit Card numbersa. ISO/IEC 7815
b. ISO/IEC 7810
c. ISO/IEC 7820
d. ISO/IEC 7812

Answer: Option d

13. With reference to the Credit Card number, which digits identify the Credit Card Network?
a. Initial four
b. Last Four
c. Initial two
d. Last two

Answer: Option c
Explanation: The Length of the number is from 14 to 19.
– The first 6 digits are known as the Issuer Identification Number (IIN).
– Out of them, the first 2 or more digits identify the Card network.

14. In terms of Credit Cards, what is a Hot Card?
a. Invalid Card
b. Newly Issued Card
c. Unpaid Card
d. Stolen Card

Answer: c

15. What is the accidental death cover available to holders of Kisan Credit Card?
a. Rs. 1,50,000
b. Rs. 50,000
c. Rs. 120,000
d. Rs. 80,000

Answer: Rs. 50,000
Explanation: The cover is as follows: Death : Rs. 50,000 Disability: Rs. 25000 Maximum Age to enter : 70 years

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