Debit & Credit Cards

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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 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 happens when you use a Credit Card?

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When you use a credit card, you are borrowing money that you will need to pay back later, usually with interest.

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What happens when you use a Debit Card?

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When you use a debit card, the money is taken directly from your bank account immediately.

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What should you do if your card is lost or stolen?

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You should report it immediately to your bank or card issuer to prevent unauthorized transactions.

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Can both Debit and Credit Cards be used to purchase goods and services?

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Yes, both debit and credit cards can be used to purchase goods and services.

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Do Debit Cards have fraud protection?

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Debit cards may have some fraud protection, but it is generally less comprehensive than that of credit cards.

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Do Credit Cards have fraud protection?

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Yes, credit cards typically offer better fraud protection, including zero liability for unauthorized charges.

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What is a common requirement when using a Credit Card?

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A common requirement is to provide a signature when making a purchase.

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What is a common requirement when using a Debit Card?

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Debit cards may require a PIN (Personal Identification Number) for transactions.