Test Your Credit/Debit Card IQ

So what’s the difference between a credit card and debit card anyway? They basically look the same, are made of plastic, can be used to buy stuff, and involve your money. But that’s pretty much where the similarities end. Test your credit/debit card IQ with this quiz. Share it with your spouse and older kids/teens, too!

1. Which card can you use to purchase goods and services, and the money is immediately deducted from your checking account?

A. Debit Card
B. Credit Card

2. Which card can you use to buy something without having the money to cover the full price at the time of purchase?

A. Debit Card
B. Credit Card

3. Which are you not able to do at an ATM machine using a debit card?

A. Transfer money
B. Check account balance
C. Pay bills
D.Withdraw money

4. Which card can you use to make purchases and pay for them later in a bill at the end of the month?

A. Debit Card
B. Credit Card

5. Which card do you need enough money in your checking account to cover the full cost of your purchase?

A. Debit Card
B. Credit Card

6. Which card often requires you to enter a PIN when using it to make purchases or at an ATM?

A. Debit Card
B. Credit Card

7. Which card will require you to pay interest on any unpaid monthly balance?

A. Debit Card
B. Credit Card

8. What is a similarity between debit and credit cards?

A. Both are paid when the bill arrives
B. Both require you to use a PIN
C. Both charge interest fees on unpaid balances
D. Both are small and made of plastic

9. True or False: Using a credit card will take money out of your checking account.

A. True
B. False

10. True or False: Sharon wants to buy a lawnmower for $200. She has $150 in her bank account. She should use her debit card to pay for the purchase, and just pay the bill in full when it comes in.

A. True
B. False

11. True or False: You can earn cash-back rewards with a debit card like you can with credit cards.

A. True
B. False

12. True or False: A credit card is considered a revolving line of credit.

A. True
B. False

13. Which card is tied directly to your checking account?

A. Debit Card
B. Credit Card

14. True or False: It’s a good idea to look closely at your account statements for debit and credit cards to look for any suspicious charges or activity.

A. True
B. False

15. True or False: Only credit cards carry logos of major credit card companies, like Visa® or Mastercard®.

A. True
B. False

16. Which card helps you build your credit history?

A. Debit Card
B. Credit Card

17. To avoid carrying cash, Al pays for his lunch using this card. Each time he uses this type of card, his checking account decreases.

A. Debit Card
B. Credit Card

18. Mrs. Fizziwig took her children out to eat. She handed the server a card to pay for the meal. The charge appeared on a bill that she paid three weeks later. Which card did she use?

A. Debit Card
B. Credit Card

19. Which type of card usually has an annual fee? (Tower’s does not!)

A. Debit Card
B. Credit Card

Super-Duper Bonus Question:
Which card generally offers protection against fraud and unauthorized purchases?

A. Debit Card
B. Credit Card
C. Both A & B

Answers:

1. A
2. B
3. C
4. B
5. A
6. A
7. B

8. D
9. B
10. B
11. A
12. A
13. A
14. A

15. B
16. B
17. A
18. B
19. B
Bonus: C

Resources: The Balance, Quizizz, Investopedia