Understanding the difference between debit and credit cards
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
Understanding the difference between debit and credit cards
Debit and credit cards are both types of payment cards, but they work in different ways and have different features.
A debit card is linked to a checking or savings account. When you use a debit card, the funds are immediately transferred from your account to pay for the purchase. Debit cards are often used as an alternative to cash or checks. They have a Visa or Mastercard logo, which means they can be accepted at merchants that accept Visa or Mastercard.
A credit card, on the other hand, is not linked to a specific account. Instead, it allows you to borrow money from the credit card issuer, up to a certain limit, to make purchases. You will have to pay back the borrowed amount, plus interest, at a later date. Credit cards are often used to make large purchases, such as home appliances or a vacation, that would be difficult to pay off all at once. They also have a Visa or Mastercard logo, and they can be accepted at merchants that accept Visa or Mastercard.
One of the main differences between debit and credit cards is the way they affect your credit score. When you use a credit card and make payments on time, it can help build your credit history and improve your credit score. On the other hand, a debit card does not affect your credit score at all, as it does not involve borrowing money.
Another difference between debit and credit cards is the level of protection they offer. Credit cards often come with built-in fraud protection and liability protection, which means that you are not liable for unauthorized charges made on your card. Debit cards, however, do not usually come with the same level of protection. If your debit card is lost or stolen, and it is used for fraudulent purchases, you may be liable for the charges.
Debit cards also have limitations on the amount of cash withdrawal and daily transaction limit. Credit cards, on the other hand, usually have higher limits and do not have such restrictions.
Debit cards are also not widely accepted for rental cars, hotels and other services that require a deposit or hold. Credit cards, however, are widely accepted for these types of transactions.
In conclusion, debit and credit cards are both types of payment cards, but they have different features. A debit card is linked to a checking or savings account and the funds are immediately transferred from your account to pay for the purchase. A credit card, on the other hand, allows you to borrow money from the credit card issuer, up to a certain limit, to make purchases. Credit cards often come with built-in fraud protection and liability protection, while debit cards do not. Credit cards can also help build your credit history and improve your credit score, while debit cards do not affect your credit score. Additionally, credit cards are more widely accepted for rental cars, hotels, and other services that require a deposit or hold. It’s important to understand the difference between the two, and use the card that aligns with your needs and lifestyle.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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Understanding the difference between debit and credit cards
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