Question

Scenario #1
You get a weekly allowance of $30 from your parents that is automatically transferred into your checking account. Tomorrow you are going to see a movie with your best friend which you often do. Your movie ticket and snacks cost $22, What is the best payment option for this scenario?

Questions:
Will you use cash, check, Prepaid card, Debit card, Credit card or P2P?
Why did you choose that payment option?
What are other possible payment decisions you can make?

Answer 1

I will use a debit card because my parents add my allowance to my checking account. Other possible payment decisions I can make are to use a check.

Answer 2

The correct option in the given scenario is to use the debit card because the interest rate in the checking accounts is low, and the another method to another method for payment is checks.

What is debit card?

A debit card is a kind of credit card. Means that the money can be withdrawn or the cost of acquisitions pay off straight from the holder's bank account without any payment of interest.

It is used in the checking accounts for the withdrawing of money, without giving the payment of interest. It is the simple and more quick way to make payments in comparison to the another cards and instruments.

The payment can be made by the other possible payment decisions like checks.

Therefore, debit card is mostly used by the checking account holders.

Learn more about the debit card, refer to:

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