Podcast
Questions and Answers
What is the consequence of spending more money than is in your account when using a debit card?
What is the consequence of spending more money than is in your account when using a debit card?
- The bank will increase your credit limit
- The bank will charge you a fee (correct)
- The bank will waive the extra amount
- The bank will reduce your interest rate
What is the payment method for debit card purchases?
What is the payment method for debit card purchases?
- Pay now, buy later
- Buy now, pay later
- Buy now, pay now (correct)
- Pay later, buy later
What happens if the balance on a credit card is not paid within 30 days?
What happens if the balance on a credit card is not paid within 30 days?
- The credit limit will be increased
- No interest will be charged
- The balance will be waived
- Interest will be charged (correct)
What is the impact on the total amount of money when people use cash?
What is the impact on the total amount of money when people use cash?
What is the consequence of spending more money than is in your account when using a debit card?
What is the consequence of spending more money than is in your account when using a debit card?
How are debit card purchases characterized?
How are debit card purchases characterized?
What happens when people use cash for payments?
What happens when people use cash for payments?
What occurs if the balance on a credit card is not paid within 30 days?
What occurs if the balance on a credit card is not paid within 30 days?
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Study Notes
Debit Cards
- Spending more money than in your account when using a debit card results in overdraft or insufficient funds.
- Debit card purchases are paid directly from the available balance in your checking account.
Credit Cards
- Failing to pay the credit card balance within 30 days may result in interest charges and late fees.
Cash Payments
- Using cash for payments does not affect the total amount of money.
- Cash payments do not incur interest or late fees.
Characterization of Debit Card Purchases
- Debit card purchases are characterized as direct deductions from the available balance in your checking account.
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