ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To let you buy goods whether you have the money or not
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To only let you buy goods/services if you have the money
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To give you discounts on goods/services
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To allow you to borrow money from the bank
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Detailed explanation-1: -Credit cards function on a deferred payment basis, which means you get to use your card now and pay for your purchases later. The money used does not go out of your account, thus not denting your bank balance every time you swipe.
Detailed explanation-2: -In its non-physical form, a credit card represents a payment mechanism which facilitates both consumer and commercial business transactions, including purchases and cash advances. A credit card generally operates as a substitute for cash or a check and most often provides an unsecured revolving line of credit.
Detailed explanation-3: -It may be noted that if you are using a credit card then you are spending the credit card’s money until you pay credit card bills at the end of the month. When you lose the debit card, you lose cash immediately from your bank account.
Detailed explanation-4: -Build Your Credit. Strategically Earn Rewards. Take Advantage of Generous Consumer Protections. Easily Track Your Spending. Finance Large Purchases. 29-Aug-2022