ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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purchases made with a debit card come directly out of your bank account
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you must pay off your credit card bill monthly or there will be penalties
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you must have a bank/checking account to use a debit card
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credit cards use money from your savings account
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Detailed explanation-1: -Expert-Verified Answer. Answer: Paying with a debit card is like taking out a loan, and paying with a credit card is like using cash. This statement is NOT true.
Detailed explanation-2: -What’s the difference? When you use a debit card, the funds for the amount of your purchase are taken from your checking account almost instantly. When you use a credit card, the amount will be charged to your line of credit, meaning you will pay the bill at a later date, which also gives you more time to pay.
Detailed explanation-3: -Terms in this set (10) The main difference between debit and credit cards is: A debit card requires you to have the cash available in the account; a credit card does not.
Detailed explanation-4: -One difference between a debit card and a credit card is that. payments made with a debit card are immediately deducted from your bank account.