Credit Advantage
Do you have to pay as soon as you buy an item?
Buy now, Pay later
Do you need to qualify for a credit card?
Yes, everyone must qualify when applying for a card.
Are you allowed to pay later?
No. Buy now, Pay now
What could happen to your bank account money if someone finds out you numbers?
Money from your account can be withdrawn.
Do you have to have cash on hand to enjoy goods or services?
Enjoy goods and services without needing to have the cash on hand.
Are there fees with a credit card?
Yes, annual fees may apply.
Give two examples how a debit card is used.
1) Easy access to your money; operates like a check or cash. 2) The purchase amount is subtracted from your account.
Is there a charge for out-of-network banks?
ATM charges for out-of-network banks.
Can you use credit cards for online purchases?
Yes, they can be used for online purchases.
What happens if you don’t pay your monthly payments?
Interest is usually changed and is carried over on balances from one billing cycle to the next.
Are there interest charges on a debit card?
There are no interest charges.
What fees can be applied if using a debit card?
Monthly maintenance and overdraft fees may apply.
Is it helpful to have a credit card in emergencies?
Yes, it is useful in emergencies.
What happens if you miss payments for a credit card?
Missed payments affect your credit rating.
Do debt cards have online statements?
Yes, debit cards post statements online.
Does debit card use build your credit history?
No, debit card activity is not reported to credit bureaus.
Usually, how long is a grace period?
The grace period is usually 25 days.
Pay the bill in full by the due date to avoid interest charges.
What do credit card rates depend on?
Rates depend on credit debt, income, credit score, and payment history.
Do debit cards have annual fees?
Typically debit cards do not have annual fees.
How much will the liability fee cost if reporting bad things?
There is a $50 liability fee if the card is reported missing and no charge if reported before the card is used.