What is a Debit Card?
Debit vs. Credit & Credit Reports

Flashcard
•
Mathematics
•
6th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.
2.
FLASHCARD QUESTION
Front
What is a Credit Card?
Back
A credit card is a payment card that allows the holder to borrow funds from a pre-approved limit to pay for purchases, which must be paid back later.
3.
FLASHCARD QUESTION
Front
What happens when you use a Credit Card?
Back
When you use a credit card, you are borrowing money to make a purchase, and you will receive a bill later to repay that amount.
4.
FLASHCARD QUESTION
Front
What is a Credit Report?
Back
A credit report is a detailed report of an individual's credit history, including credit accounts, payment history, and outstanding debts.
5.
FLASHCARD QUESTION
Front
What is the main difference between a Debit Card and a Credit Card?
Back
The main difference is that a debit card uses money you already have in your bank account, while a credit card allows you to borrow money.
6.
FLASHCARD QUESTION
Front
What does it mean to 'pay later' with a Credit Card?
Back
It means that you can make a purchase now and repay the amount later, usually within a month.
7.
FLASHCARD QUESTION
Front
What is a billing cycle?
Back
A billing cycle is the period of time between billings for credit card accounts, typically lasting about a month.
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