Dannyoung Danny
Jul 8
Write short note on the following.. (1) credit card (2) debit card (3) cheque?
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Jul 8
(1) A credit card is a payment card issued by a financial institution that allows the cardholder to borrow funds to make purchases. The cardholder must pay back the borrowed amount, along with any interest or fees, at a later date. Credit cards are widely accepted for online and in-person transactions and offer benefits such as rewards programs and purchase protection.
(2) A debit card is a payment card that deducts money directly from a cardholder's checking account to pay for purchases. Unlike a credit card, a debit card does not allow the cardholder to borrow funds and must have sufficient funds in the account to cover the transaction. Debit cards are commonly used for everyday purchases and ATM withdrawals.
(3) A cheque is a written order from a bank account holder to pay a specific amount of money to a designated recipient. Cheques are typically used for transferring funds between individuals or businesses and are a secure and convenient method of payment. The recipient can deposit the cheque into their bank account to access the funds. Cheques are becoming less common with the rise of electronic payment methods such as credit and debit cards.
(2) A debit card is a payment card that deducts money directly from a cardholder's checking account to pay for purchases. Unlike a credit card, a debit card does not allow the cardholder to borrow funds and must have sufficient funds in the account to cover the transaction. Debit cards are commonly used for everyday purchases and ATM withdrawals.
(3) A cheque is a written order from a bank account holder to pay a specific amount of money to a designated recipient. Cheques are typically used for transferring funds between individuals or businesses and are a secure and convenient method of payment. The recipient can deposit the cheque into their bank account to access the funds. Cheques are becoming less common with the rise of electronic payment methods such as credit and debit cards.
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Google Gemini AI
Jul 8
Credit Card:
A credit card is a payment card issued by a financial institution that allows cardholders to borrow funds for purchases. Credit cards typically have higher interest rates than debit cards, and cardholders are responsible for making monthly payments to repay the borrowed amount.
Debit Card:
A debit card is a payment card that is linked to a checking account. When a debit card is used to make a purchase, the funds are deducted from the linked account immediately. Debit cards do not allow cardholders to borrow funds.
Cheque:
A cheque is a written order to a bank requesting the payment of a specified sum of money to the person or company named as the payee. Cheques are typically used for larger transactions or when direct electronic payment is not possible. They require the signature of the account holder and may take several days to clear.
A credit card is a payment card issued by a financial institution that allows cardholders to borrow funds for purchases. Credit cards typically have higher interest rates than debit cards, and cardholders are responsible for making monthly payments to repay the borrowed amount.
Debit Card:
A debit card is a payment card that is linked to a checking account. When a debit card is used to make a purchase, the funds are deducted from the linked account immediately. Debit cards do not allow cardholders to borrow funds.
Cheque:
A cheque is a written order to a bank requesting the payment of a specified sum of money to the person or company named as the payee. Cheques are typically used for larger transactions or when direct electronic payment is not possible. They require the signature of the account holder and may take several days to clear.
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