- Credit cards allow you to borrow money from a bank up to a credit limit, with interest charged if not paid in full each month.
- Debit cards directly withdraw funds from your linked bank account at the time of purchase.
- Credit cards require a minimum monthly payment and may charge late fees; debit cards do not involve borrowing or interest.
- Credit cards often require approval based on credit history; debit cards are typically available to anyone with a bank account.
- A PIN is usually required for debit card transactions; credit cards may use signatures or PINs depending on the transaction type.
Parent Tip: Review the logic above to help your child master the concept of credit card math worksheet.