Credit Cards v Debit Cards

Question 1

What is the difference between credit and debit cards?

Answer 1

Credit is money borrowed from the financial instition.
-Debit money is directly deducted from bank account

Question 2

Advantages to Credit CArds:

Answer 2

-Builds credit score/history
-Often includes rewards
-offerers enhanced fraud protection

Question 3

Disadvantages:

Answer 3

-Can damage credit score
-Can easily go into debt
-Can become expensive due to interest
-Fees for cards can be high

Question 4

Credit score:

Answer 4

300-850

Question 5

Financial institutions are required to provide a

Answer 5

-a Schumer Box that shows all the applicable fees