Credit and Debit Cards Quiz

What are two common features of both credit and debit cards?

• They both offer rewards points.

• They both provide some level of fraud protection.

• They both require a PIN for all transactions.

• They both charge interest on purchases.

What is a key difference between a debit card and a credit card?

• Debit cards are linked to your bank account, while credit cards use borrowed money.

• Debit cards offer rewards points, while credit cards do not.

• Debit cards charge interest on purchases, while credit cards do not.

• Debit cards require a PIN for all transactions, while credit cards do not.

Which of the following is a benefit of using a debit card?

• You can get cash back on purchases.

• You can build your credit score.

• You can avoid carrying cash.

• You can earn airline miles.

What should you do to avoid ATM fees when using a debit card?

• Withdraw large amounts of cash at once.

• Avoid using ATMs altogether.

• Use your own bank's ATM.

• Use any available ATM.

What is a PIN number used for with a debit card?

• To add a layer of security.

• To get cash back on purchases.

• To pay interest on purchases.

• To earn rewards points.

What is one advantage of using a debit card over a credit card?

• You can get cash back on purchases.

• You can earn rewards points.

• You can avoid paying interest on purchases.

• You can build your credit score.

What happens if you try to make a purchase with a debit card but don't have enough funds in your account?

• The transaction will be declined.

• The bank will automatically transfer funds from your savings account.

• The transaction will go through, but you will be charged a fee.

• The cashier will ask for another form of payment.

How do credit cards function similarly to short-term loans?

• They require a PIN for transactions.

• They offer cash back on all purchases.

• They allow you to borrow money from the bank to make purchases.

• They automatically deduct money from your bank account.

What is one way to improve your credit score using a credit card?

• Only using the card for large purchases.

• Paying your bills on time and staying within your credit limit.

• Applying for multiple credit cards.

• Using the card for cash advances.

What is one benefit of using a credit card in an emergency situation?

• You can get cash back on purchases.

• You can borrow money to cover unexpected expenses.

• You can avoid carrying cash.

• You can earn rewards points.