Credit and Debit Cards

Front

What is a checking account?

Back

A personal bank account that allows you to withdraw money at any time using a cheque book or cash card.

Front

What type of card is used to make purchases directly from your bank account?

Back

Debit Card.

Front

When you use a debit card, whose money are you using?

Back

Your money.

Front

What is a credit card?

Back

A card that allows you to borrow money from the bank to make purchases, which you pay back later.

Front

Which card is useful for emergencies?

Back

Credit Card.

Front

What is the main difference between a debit card and a credit card?

Back

A debit card uses your own money from your bank account, while a credit card allows you to borrow money.

Front

What does it mean to 'overdraw' your account?

Back

To withdraw more money than you have in your checking account, which can lead to fees.

Front

What is a transaction?

Back

An instance of buying or selling something, typically involving money.

Front

What is an ATM?

Back

Automated Teller Machine, a machine that allows you to withdraw cash from your bank account.

Front

What is a PIN?

Back

Personal Identification Number, a secret number used to access your bank account.