The major difference between a typical credit account and a debit-only transfer system is that in the debit-only transfer system,_____.
A)interest is assessed from the billing date
B)the purchase price is immediately deducted from the consumer's bank account
C)no interest is charged if payment is made at the billing date
D)the consumer is billed monthly on the basis of the outstanding balance

Question

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In a debit-only transfer system, the purchase price is immediately deducted from the consumer's bank account, whereas in a typical credit account, the consumer is billed monthly and is given the option to pay off the balance over time with interest.

The Major Difference Between a Typical Credit Account and a Debit-Only