Debit vs Credit Cards

Front

What is a debit card?

Back

A debit card is a small plastic card linked to a checking account that allows users to make purchases and withdraw cash directly from their bank account.

Front

What is a credit card?

Back

A credit card is a small plastic card that allows users to borrow money from a bank to make purchases, which must be paid back with interest if not paid in full by the due date.

Front

What happens if you don't pay your credit card balance in full?

Back

If you don't pay your credit card balance in full, you will incur interest charges on the remaining balance.

Front

Can you get cash back when using a debit card?

Back

Yes, users can ask for cash back at the time of purchase when using a debit card.

Front

What is a monthly statement?

Back

A monthly statement is a summary of all transactions made with a debit or credit card during the month, including purchases, payments, and any interest charges.

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

Are both debit and credit cards plastic cards?

Back

Yes, both debit and credit cards are small plastic cards with a specific account number.

Front

What is the main difference between debit and credit cards?

Back

The main difference is that debit cards withdraw money directly from your bank account, while credit cards allow you to borrow money up to a certain limit.

Front

What is a checking account?

Back

A checking account is a bank account that allows for easy access to funds for daily transactions, typically linked to a debit card.

Tags

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Front

What is interest in terms of credit cards?

Back

Interest is the cost of borrowing money on a credit card, charged on any unpaid balance after the due date.

Tags

CCSS.7.RP.A.3

Front

Can you use a debit card for online purchases?

Back

Yes, debit cards can be used for online purchases as long as they are accepted by the merchant.