Credit and Debit

A debit card allows for an immediate electronic transfer of money from a cardholder's savings or checking account.

• True

• False

A debit card is essentially a paper check but doesn't require the processing time a check does.

• True

• False

Which is a disadvantage of a credit card?

• Credit cards are buy-now, pay later

• Credit cards provide preapproved credit

• Credit cards charge interest

• Credit cards are the best way to pay for something online, because you can dispute a the charge

A debit card is handy in an emergency when you don't have the money to spend.

• True

• False

Your mom goes to the ATM at the bank and withdraws $300 from her savings account with her card. 

• Debit card
• Credit Card

Tags

CCSS.6.NS.B.3

CCSS.6.NS.C.5

Your aunt buys you a new outfit for the first day of school. She pays with a card and tells you she’ll pay for it at the end of the month when she gets her bill. 

• Debit card
• Credit card

Each purchase is a loan that is repaid later

• Debit card
• Credit card
• Both

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.3

Purchase is withdrawn directly from a checking or savings account. 

• Debit card
• Credit card
• Both

“My bill is due the 15th of every month.”

• Debit
• Credit
• Both

“I have $360 in my checking account, so that is the most I can spend using this card.”

• Debit
• Credit
• Both

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3