What is the function of debit cards?
A) They defer payments.
B) They are equivalent to credit cards.
C) They are included in M2.
D) They are used as a method of payment.

Question

Quizplus · Accepted Answer

The function of debit cards is to be used as a method of payment. When a person uses a debit card, the funds are immediately withdrawn from their checking account to pay for the transaction. Debit cards are not equivalent to credit cards, as they do not allow for deferred payments. While they are included in M2 (a measure of the money supply), this is not their primary function.

What Is the Function of Debit Cards