Debit or Credit- You decide game scenarios

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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 purchases, which must be paid back with interest if not paid in full by the due date.

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When do you use a debit card?

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You use a debit card when you want to spend money that you already have in your bank account.

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When do you use a credit card?

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You use a credit card when you want to borrow money to make a purchase and pay it back later.

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What happens if you don't pay your credit card bill on time?

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If you don't pay your credit card bill on time, you may incur late fees and interest charges.

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What is a PIN?

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A PIN (Personal Identification Number) is a secure code used to authenticate the user of a debit card at an ATM or point of sale.

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What is interest in terms of credit cards?

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Interest is the cost of borrowing money on a credit card, usually expressed as a percentage of the amount owed.

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What is a monthly bill for a credit card?

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A monthly bill for a credit card is a statement that shows all the purchases made during the month, the total amount owed, and the minimum payment required.

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What is the difference between debit and credit transactions?

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Debit transactions withdraw money directly from your bank account, while credit transactions allow you to borrow money to pay for purchases.

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What is an ATM?

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An ATM (Automated Teller Machine) is a machine that allows you to withdraw cash, deposit money, and check your bank account balance using your debit or credit card.