Asked by Morgan Crouse on Jun 09, 2024
Verified
A debit card is a type of charge card of which the monthly bill must be paid in full.
Debit Card
A card that acts like an electronic check and is not a credit or charge card; with each purchase, the amount is deducted from a checking account; purchases may not exceed the balance in the account.
Charge Card
A special type of credit card where the monthly bills for all purchases must be paid in full and there is no interest charged.
- Gain understanding and apply core veracity/falsehood principles pertaining to loans, credit cards, and consumer defense mechanisms.
Verified Answer
CA
Clarissa AurelliaJun 13, 2024
Final Answer :
False
Explanation :
A debit card is linked to your checking account and the money is drawn directly from your account when you make a purchase. There is no monthly bill to be paid in full, as there is with a credit card.
Learning Objectives
- Gain understanding and apply core veracity/falsehood principles pertaining to loans, credit cards, and consumer defense mechanisms.