ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Credit
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Debit
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Both
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None of the above
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Detailed explanation-1: -A debit card is a payment card that is linked to the funds in your account and can be used to withdraw or deposit cash at ATMs and be used at both in-person and online retailers. When you use your debit card to pay for goods or services, those funds will be deducted from your checking account balance.
Detailed explanation-2: -Both debit and credit cards are also safer methods than cash when it comes to health protections, as they don’t have to pass from your hand to another person’s or need to be inserted into a terminal. Tap to pay is a contactless way to use your debit or credit card that’s even faster than dipping or swiping it.
Detailed explanation-3: -Convenience. Debit card payments allow you to complete transactions without having to fumble for cash, dig around in your purse or pockets for exact change, write out a check or go to an ATM. Security. Merchant appeal. Dual access. No bulk. No checks.
Detailed explanation-4: -They have limited fraud protection. Your spending limit depends on your checking account balance. They may cause overdraft fees. They don’t build your credit score.