The Difference between Debit and Credit 5.1

When you swipe your credit card, who is being contacted?

• Customer

• Third party (credit card company)

• Your bank

• FDIC

What three questions can be answered to tell the difference between a debit card and a debit card?

• Who does the money belong to?

  What is the name of the credit card company?

  Who pays the interest?

• Where does the money come from?

  What is being transferred?

  Will I be charged interest?

• Where does the money go?

  Who transferred the credit?

  How much credit is left?

• Which credit card company I owe?

  What is the rate of interest?

  Who gets more money?

A payment card that borrows credit from a third party.

• Unsecured loan

• debit card

• secured loan

• credit card

A type of loan with an underlying asset to secure the payment.

• unsecured loan

• credit card

• secured loan

• debit card

A type of loan that has no underlying asset to secure the payment.

• secured loan

• debit card

• credit card

• unsecured loan

When using a credit card, where does the money come from?

• bank

• third party (credit card company)

• FDIC

• NCUA

When you use a debit card, where is the money coming from?

• bank

• third party (credit card company)

• NCUA

• FDIC

When you swipe your credit card, what else do you have to pay?

• Credit card fee

• Debit card fee

• interest

• Minimum balance fee

When you swipe your debit card, who is being contacted?

• customer

• third party (credit card company)

• FDIC

• bank