Debit & Credit Cards

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What is a Debit Card?

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A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.

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What is a Credit Card?

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A credit card is a payment card that allows the cardholder to borrow funds from a pre-approved limit to pay for purchases.

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How can you avoid interest charges on a credit card?

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By paying the entire balance each month before the due date.

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What happens to your checking account when you use a debit card?

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The amount spent is deducted directly from your checking account.

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What is one advantage of using a credit card?

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Credit cards are great for emergencies when you need to make a purchase but don't have enough cash.

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Can you use a debit card to make online purchases?

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Yes, debit cards can be used for online purchases as long as they are linked to a checking account.

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What is a key difference between debit and credit cards?

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Debit cards use your own money from your checking account, while credit cards allow you to borrow money.

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What should you do if you lose your debit or credit card?

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Report the loss to your bank or card issuer immediately to prevent unauthorized use.

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What is a credit limit?

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A credit limit is the maximum amount of money that can be borrowed on a credit card.

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What is a PIN in relation to debit cards?

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A PIN (Personal Identification Number) is a secure code used to authorize transactions with a debit card.