BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No bad debts to banks and no suits for recovery
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No interest earning for banks
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Works like a normal withdrawal slip
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45 days credit is given to the card holder
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Detailed explanation-1: -Service of providing 45 days credit is given to the card holder is not a salient feature of debit card. It is a feature of credit card. In debit card, when a payment is made for a transaction the money comes directly from the user’s bank account.
Detailed explanation-2: -It is simple to use and makes transactions fast, easy and convenient. Encourages Judicious Spending: In debit cards, there is no feature of the credit facility; thus, this encourages judicious spending. Acts like an Emergency Fund: A debit card can be used to withdraw money from an ATM, in case of an emergency.
Detailed explanation-3: -1. Which of the following is not a characteristic of the credit cards? Answer : The credit card holders pay the credit card company a commission on every sale made via credit cards The above answer is the correct because credit card holders do not ne…
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. You probably have at least one credit card and one debit card in your wallet.