BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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put money into a savings account.
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purchase something now and pay for it later.
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take money directly from your checking account.
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Detailed explanation-1: -Buy now, pay later plans allow consumers to make purchases and pay for them in several installments. Credit cards also let consumers pay over time, but the only required payment is the monthly minimum due. The pros and cons of BNPL plans and credit cards depends on the consumer’s financial situation.
Detailed explanation-2: -Unlike debit cards, you’re making purchases on credit-meaning you’re 100% liable for paying back everything you charge to your credit card. If you aren’t careful, you can end up in a lot of debt. There are four main principles to becoming a credit card master.
Detailed explanation-3: -When you use a credit card for either one, your card details are sent to the merchant’s bank. The bank then gets authorization from the credit card network to process the transaction. Your card issuer then has to verify your information and either approve or decline the transaction.
Detailed explanation-4: -BNPL Vs Credit Card Interest Free Period While credit cards offer 50 days zero interest period, BNPL products offer 1-15 day interest free period. Mahesh Shukla, founder and CEO, PayMe India, said that BNPL is more popular among young people who are cash-strapped and don’t possess a traditional credit card.