BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the same, to make paperless payments
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different, since in credit card, the account is credited with the amount while in debit card the account is debited
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the same, there is risk weight-age of 125% in both the cards.
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different, since in debit cards interest for delayed period is charged while in credit cards no such interest is charged by banks
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Detailed explanation-1: -Debit and credit cards are both used to pay for goods or services without paying in cash or writing a check. The difference between the two is where the money to pay for the purchase comes from.
Detailed explanation-2: -Visa and Mastercard work with banks and other companies to issue credit cards. American Express, on the other hand, is both an issuer and a network, so you’ll see some cards that have only American Express on them in terms of branding.
Detailed explanation-3: -Businesses, in general, tend to see around a 20% increase in sales when they offer their customers the ability to pay with credit cards. Some customers will not even shop at stores that don’t accept credit cards. Customers generally like to credit cards for convenience, ability to delay cashflow, and reward points.
Detailed explanation-4: -Debit cards allow you to spend money by drawing on funds you have deposited at the bank. Credit cards allow you to borrow money from the card issuer up to a certain limit to purchase items or withdraw cash.