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6 Financial literacy quiz to boost your credit card skills

Key Takeaways

  • Smart budgeting, savings and investments start with financial literacy
  • A financial literacy quiz can be a quick way of refreshing your financial knowledge
  • IDFC FIRST Bank offers a variety of credit cards, perfect to sharpen your credit card literacy
04 Oct 2024 by Team FinFIRST
financial literacy quiz
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A lot of progress has been made to achieve universal literacy in India. However, financial literacy is a different ball game altogether. It is what helps us in managing our finances better. Just as quiz shows test our literacy, a financial literacy quiz can test our acumen on financial matters.

As finances move from cash to more sophisticated modes like cards and wallets, it is highly recommended that we read personal finance-related information and take financial literacy quizzes from time to time. With financial literacy, we can use our money more efficiently. Credit cards are a popular mode of payment. Our awareness of all matters related to it can help us use credit cards to our advantage.

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What is financial literacy?
 

You can consider yourself financially literate if you can manage your personal finances efficiently, plan and adhere to your budget, and design and follow saving and investment plans. As a financially literate person, you can be smarter in your handling of money.


Why is financial literacy important?
 

If you want to get your money’s worth, you must know how to gain financial knowledge. This way, you can set practical financial goals, spend money prudently, and put your savings to use more efficiently. Take the example of credit card management and how financial literacy helps in it –

• Making informed decisions -

A credit card is a financial product, offered by dozens of banks, and across many variants. A financially literate person would cross-refer his spending habits with the card features, have a look at the Annual Percentage Rate (APR), check the interest rate, credit limit and so on.

• Managing debts –

Being a mode of convenient borrowing, credit card debts can become a burden if not managed properly. With financial literacy, credit card debt management becomes easier.

• Smart use of financial products-

The knowledge of credit card features can be a part of any financial literacy quiz. It is a labyrinth of information, from reward points to interest rates, from special privileges to fuel surcharge waivers. With financial literacy, you can make the most of credit card features.

How to improve financial literacy?

Financial literacy can be obtained with regular study, be it through a consultant or by reading studies and writings on the subject. But to assess your financial literacy skills, nothing works better than a financial literacy quiz.

Staying on the topic of credit card management, here’s a financial literacy quiz for a quick assessment –

Financial literacy quiz

Test Your Skills And Boost Your Savings

Stay quizzical

With your knowledge of credit card management refreshed, keep an eye on new financial literacy quizzes that enlighten you about credit cards and other financial instruments. Taking a financial literacy quiz and reading more about financial topics will keep you sharp and smart.

To make the most of your credit cards, use one of the IDFC FIRST Bank Credit Cards. Enjoy outstanding features and hone your credit card management skills with the IDFC FIRST Bank Credit Card.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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