Debit vs. Credit & Credit Reports

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

• True

• False

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

• True

• False

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

A debit card is a buy-now, pay-later payment type with a grace period for payments.

• 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 bank is a not-for-profit financial institution.

• True

• False

It requires the use of a PIN when making a purchase. 

• Debit card
• Credit card
• Both

I will get a bill at the end of the month for this card

• Debit Card
• Credit Card
• Both

You can be charged a late fee if the payment is not made within the due date.

• Credit card
• Debit card
• both

Purchase is withdrawn directly from a checking or savings account. 

• Debit card
• Credit card
• Both

Each purchase is a loan that is repaid later

• Debit card
• Credit card
• Both