Payment Methods Quiz

Debit cards are directly linked to a bank account and allow you to spend money you have in the account.

• True

• False

Credit cards require the user to pay off the balance in full at the end of each day.

• True

• False

Cash is the least secure payment method because it can easily be lost or stolen without recourse.

• True

• False

Contactless payments usually have a maximum transaction limit for security purposes.

• True

• False

Direct debits allow money to be automatically taken from your account to pay regular bills like rent or utilities.

• True

• False

Buy Now, Pay Later (BNPL) schemes allow consumers to split payments over a period without interest charges.

• True

• False

Cryptocurrencies are a regulated form of payment in the UK and are backed by the government.

• True

• False

Cheque payments clear immediately and the money is available in the recipient’s account on the same day.

• True

• False

Overdrafts allow customers to withdraw more money than they have in their current account, up to an agreed limit.

• True

• False

Current accounts typically do not offer interest on money held in the account.

• True

• False