Methods of Payment

Which of the following is an advantage of using a credit card?

• Interest is charged for the use of a credit card.

• Consumers can purchase things now, and pay for them later in the event of an emergency.

• You could be a victim of identity theft.

The purchase amount is immediately removed from a linked account.

• Debit Card

• Credit Card

• Stored-Value Card

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Which is an advantage of using cash?

• It is accepted almost everywhere in the US.
• You can spend more than you have. 
• If you lose it, it is gone. 
• It is safer than a card or check. 

What is a disadvantage of using a credit card?

• It is easy to use.
• You can spend more than you have. 
• It can be used in emergencies.
• Banks sometimes give rewards on credit cards. 

Which method of payment should I use when mailing money?

• Check
• Cash
• Credit Card
• Debit Card

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What is the difference between Debit and Credit?

• Debit uses money borrowed from the bank, Credit uses the money you already have.
• Credit uses borrowed money or the bank's money, Debit uses your money.  
• They are both cards, they are the same. 
• Debit charges interest until the balance is paid. Credit does not because you are using your own own money. 

Apple pay is a form of ___.

• cash

• electronic transfer

• cheque

• installment

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A customer uses her card to make payment. When the payment is taken from money the card holder has in her account this is known as a ______________payment.

• Cash

• Credit Card

• Debit Card

• Standing Order

A method of payment not involving using cash, where the bank pays for the customer's purchase and the customer pays back the bank the amount with interest at a later date.

• Debit Card

• Credit Card

• BACS

• Paying-in Slips

Cash payment involves ____.

• cards

• coins

• pins

• signatures