Credit and Debit Cards

How are credit cards and debit cards different?

• they are exactly the same

• a credit card is a loan, while a debit card deducts money directly from your checking account

• a credit card allows you to purchase gas only

• a debit card is a loan, while a credit card deducts money directly from your checking account

A card that allows the holder to buy goods and services by taking out a bank loan.

• Checking account

• Bank

• Economy

• Credit card

A card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods or services.

• Checking account

• Economy

• Bank

• Debit card

A type of bank card which allows the holder to borrow money in order to make payments

• credit card

• bank card

• debit card

Credit cards and Debit Cards are the same.

• False

• True

Interest is charged if balance is not paid each month.

• Debit Cards

• Credit Cards

• Both

Which card takes money directly out of your bank account?

• Debit Card

• Credit Card

• Niether

• Both

Which card lets you "borrow" money?

• A Debit Card

• A Credit Card

• Neither

• Both

What is the primary function of a credit card?

• To withdraw cash from ATMs

• To make purchases on credit

• To store money

• To transfer funds between accounts

Which card typically requires a PIN for transactions?

• Credit card

• Debit card

• Both

• Neither