Debit Card
Which statement matches the definition of a debit card best?
1. Holds bank money
2. Holds your money
3. Same as a credit card
4. A gift card
2
Which statement matches the definition of a credit card best?
1. Allows you to borrow funds from a bank
2. Uses your money from your wages
3. Same as a debit card
4. A prepaid gift card that allows you to pay for big purchases (houses, apartments, etc.)
1
True or False: A higher credit score typically indicates higher risk
False
What is debit card fraud?
Something along the lines of: "When someone steals or uses your debit card or debit card information without your permission"
True or False: You can make deposits and send e-transfers with a chequing account
True
True or False: You should co-sign a loan with a family/friend, as this will add a level of financial security in the case you cannot pay a loan back
False: Co-signing a loan can affect your credit score, as the inquiry, payment history, and loan balance will show up on your credit report. And if someone else is using your credit card to make purchases, you're directly responsible for any balances they rack up. A co-signer is a person – such as a parent, family member, or friend – who adds their information, including income and credit record, to the loan application and pledges to pay back the loan if you're unable to. The issue with this is when you co-sign a loan, you are agreeing to take on responsibility for the debt if the primary borrower fails to make payments. This means you are legally obligated to repay the loan if the borrower defaults.
What is a credit score?
1. How good you are at spending money
2. A credit score measures how much you spend. The less money you spend, the higher your credit score
3. A credit score is a personal score that you can use to compete with others to see who spends the most money
4. A credit score is a numerical representation of a person's creditworthiness, essentially how likely they are to repay borrowed money
4.
True or False: Write down your PIN so you don't forget it
False! Try to remember it. Writing it down, whether it is on paper or a phone will always include a risk that someone else may see it
Fill in the blank: When you use a debit card to make a purchase, the funds are directly withdrawn from your ____
1. Wages
2. Bank account
3. E-transferred money
4. Investments
2. Bank account
True or False: Contrary to a debit card, there is no limit for how much you can spend with a credit card
False
What is a way you can ensure you pay your credit card bill on time?
Correct answer would be something along the lines of automatic payments or reminder
What is the FIRST thing you should do if someone gets a hold of your credit card?
Call your credit card company and have them close the account
What is one feature that debit cards typically do not have that credit cards do?
1. Cash-back/Rewards programs
2. The ability to purchase things
3. A PIN
4. An app
1
Fill in the blank: Around every ___ days you must pay your credit card company the amount you spend using their card
30
What doesn't factor into determining a credit score?
It's calculated based on various factors such as payment history, amounts owed, length of credit history, new credit, and types of credit used.
1. Payment history
2. Amount of credit cards
3. Credit Outstanding
4. Your income level
4
What is "phishing"
1. You made up that term trying to trick us, it does not exist
2. Fishing for money by asking your bank excessively
3. Sending a fraudulent email asking for banking/personal information
4. When your family/friend tries to fish you for money without paying you back
3
1. Fraud protection
2. Purchase protection
3. Ability to track spending through an app or website
4. Withdraw cash from ATM's
What is the biggest difference between a debit card and a credit card?
1. A credit card can be given to anyone. A debit card is only limited to extremely wealthy people
2. Credit cards allow you to borrow money up to a certain limit and pay it back later. Debit cards only allow you to spend the money you have available in your linked bank account
3. Debit cards allow you to borrow money up to a certain limit and pay it back later. Credit cards only allow you to spend the money you have available in your linked bank account
4. You never get interest on credit cards, only debit cards
2
What are two benefits of a higher credit score?
Qualifying for more loans and obtaining better interest rates.
Name 3 ways you can prevent debit/credit card fraud
1. Don't tell your friends/family your pin
2. Change your PIN often
3. Don't use any personal info for your pin (ex. birthdays, phone number)
4. Memorize your PIN instead of writing it down
5. If you suspect your PIN has been compromised, contact your financial institution immediately to change it
6. Monitor your account for unauthorized transactions and enable transaction alerts to alert you on payments not made by you
7. Destroy old expired cards by shredding them