Debit vs Credit

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What is a Credit Card?

Back

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

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What is a Debit Card?

Back

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

Front

When should you use a Credit Card?

Back

You should use a credit card in emergencies when you are short on cash.

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What is a Checking Account?

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A checking account is an account where money can easily be deposited and withdrawn by means of checks, debit cards, and ATM transactions.

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What happens if a Debit Card is lost or stolen?

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If a debit card is lost or stolen, you should report it immediately to prevent unauthorized transactions.

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What happens if a Credit Card is lost or stolen?

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If a credit card is lost or stolen, you should report it immediately to prevent unauthorized charges.

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What is required to withdraw cash from an ATM using a Debit Card?

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You need to enter a Personal Identification Number (PIN) to withdraw cash from an ATM using a debit card.

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Do Credit Cards require a signature for purchases?

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Yes, credit cards may require a signature when making a purchase.

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Do Debit Cards require a signature for purchases?

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Yes, debit cards may also require a signature when making a purchase.

Front

What is the main difference between Debit and Credit Cards?

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The main difference is that debit cards withdraw money directly from your bank account, while credit cards allow you to borrow money up to a limit.