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Financial Services 3

CFM

TermDefinition
Debit: What you'll do after swiping Enter your four-digit PIN number
Credit: What you'll do after swiping Select "credit" and sign a charge slip or terminal pad
Credit Card: What you'll do after swiping Sign a charge slip or payment terminal pad
Debit: Money comes from Your checking account instantly
Credit: Your money comes from Your checking account, within a few days
Credit Card: Your money comes from Your line of credit with the issuer (account billed monthly)
Debit: Able to get cash back with purchase? Yes
Credit: Able to get cash back with purchase? No
Credit Card: Able to get cash back with purchase? No
Debit: Returned-item refund amount issued as Cash or store credit
Credit: Returned-item refund amount issued as Credit to your bank account
Credit Card: Returned-item refund amount issued as Credit to your credit card
Debit: Cost to use Fees vary; check with your bank about any pos fees
Credit: Cost to use None
Credit Card: Cost to use Interest on unpaid balance for purchases for cash withdrawals; maybe an annual fee
Debit: Your maximum liability by law for unauthorized transactions made on your account $50 if you report within 2 business days; $100 if within 60 days
Credit: Your maximum liability by law for unauthorized transactions made on your account $50 if you report within 2 business days; $500 within 60 days
Credit Card: Your maximum liability by law for unauthorized transactions made on your account $50 if your credit card is lost or stolen; $0 if card is fraudulently obtained
Created by: Blissful_Olive
Popular Finance sets

 

 



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