Debit vs Credit Cards Quiz

What is a debit card primarily used for?

• Borrowing money from the bank

• Spending money directly from your bank account

• Earning interest on savings

• Investing in stocks

Which of the following is true about credit cards?

• They allow you to spend only the money you have in your account

• They provide a line of credit to borrow money

• They are only used for online purchases

• They do not affect your credit score

What is an interest rate?

• The fee charged for using a debit card

• The percentage of a loan charged as interest to the borrower

• The amount of money you earn from a job

• The cost of opening a bank account

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

• It helps build your credit score

• It prevents you from spending more than you have

• It offers rewards and cashback

• It allows you to borrow money

Which of the following statements is true about debit cards?

• They charge interest on purchases

• They are linked directly to your bank account

• They require a credit check to obtain

• They offer a line of credit

What happens if you do not pay your credit card bill in full each month?

• You earn more rewards

• You are charged interest on the remaining balance

• Your credit limit increases automatically

• Your account is closed immediately