Here are some MCQs on Debit Cards & Credit Cards
1. Which of the following is a characteristic of a debit card?
a) It allows users to borrow money
b) It is linked to a credit line
c) It deducts funds directly from a bank account
d) It charges interest on purchases
2. What is the main advantage of a credit card over a debit card?
a) It offers rewards and cashback programs
b) It allows users to spend beyond their available funds
c) It provides better security features
d) It has a higher acceptance rate
3. Which of the following is NOT typically required to obtain a debit card?
a) Proof of identity
b) Proof of income
c) Bank account
d) Social security number
4. Which type of card is usually associated with a line of credit?
a) Debit card
b) Prepaid card
c) Credit card
d) ATM card
5. When using a credit card, what does the term “interest” refer to?
a) The fee charged for using the card
b) The amount paid towards the principal balance
c) The money earned through rewards
d) The cost of borrowing money
