ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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After credit cards
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Before credit cards
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Either A or B
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None of the above
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Detailed explanation-1: -In reality, they’re really only about 70 years old, which raises the question: What did people do before credit cards existed? The short answer is that, in most cases, consumers actually saved up the funds needed to make a purchase and then paid for it with cash or a check, or they could have bartered.
Detailed explanation-2: -A debit card uses funds from your bank account while a credit card is linked to a credit line that can be paid back later, which gives you more time to pay for your purchases. A customer’s credit line depends on their creditworthiness.
Detailed explanation-3: -The first bank accounts Before ancient Romans used coins as money, the first known bank accounts in Mesopotamia stored grain, gold, silver, weapons and other valuables. Deposits were kept for security in palaces and temples. Deposit receipts could be cashed or used as payment in transactions.
Detailed explanation-4: -The first bank credit card was introduced in 1958 in California, by the Bank of America.