Methods of Payment

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What is a credit card?

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A credit card is a payment card that allows the cardholder to borrow funds from a pre-approved limit to pay for goods and services.

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What is a debit card?

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A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.

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What is cash payment?

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Cash payment involves using physical money, such as coins and banknotes, to make a purchase.

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What is the main advantage of using a credit card?

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The main advantage is that consumers can purchase items now and pay for them later, which can be helpful in emergencies.

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What happens when you use a debit card?

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When you use a debit card, the purchase amount is immediately deducted from your linked bank account.

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What is the difference between debit and credit?

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Debit uses your own money from your bank account, while credit allows you to borrow money from the bank.

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What is identity theft?

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Identity theft is when someone uses your personal information, like your credit card number, without your permission.

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What is a stored-value card?

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A stored-value card is a prepaid card that holds a specific amount of money that can be used for purchases.

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What is an advantage of cash payments?

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Cash payments do not involve any fees or interest charges, and they help you avoid debt.

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What is a standing order?

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A standing order is an instruction to a bank to pay a set amount at regular intervals from one account to another.