cards

Question 1

Pros and cons of debit cards

Answer 1

pros- no debt and convenient

cons- do not receive rewards

Question 2

Pros and cons of credit cards

Answer 2

Pros- build credit, earn rewards and fraud protection

cons- interest, future income reduced and can create debt.

Question 3

pros and cons of cheque

Answer 3

pros- leeway with funds, easier to rectify wrong transactions
cons- may be returned or stopped, fraud, time consuming.

Question 4

Pros and cons of electronic transfer

Answer 4

pros- helps access funds quicker, auto payments, no need for any card
cons- customer must have funds available, payments can bounce

Question 5

pros and cons of direct debit

Answer 5

pros- fast and on time payments

cons- if not enough funds you m ay incur a fee

Question 6

pros and cons of pre paid cards

Answer 6

pros- no risk of overdrawing and no credit check

cons-less security, no credit building