Which of the following is true about debit cards?(1 point) Responses They are issued by networks such as Visa. They are issued by networks such as Visa. You can run up huge debts if you don’t pay the balance off quickly. You can run up huge debts if you don’t pay the balance off quickly. When you use one, the money is taken directly from your bank account. When you use one, the money is taken directly from your bank account. They usually charge a lower interest rate than credit cards.
When you use one, the money is taken directly from your bank account.
The true statement about debit cards is that when you use one, the money is taken directly from your bank account.
The correct option is: When you use one, the money is taken directly from your bank account.
To determine the correct answer, you can analyze the provided information for each option.
1. They are issued by networks such as Visa: While it is true that debit cards can be issued by networks such as Visa, this alone does not convey a complete truth about debit cards.
2. You can run up huge debts if you don't pay the balance off quickly: This statement is not true for debit cards. Unlike credit cards, debit cards do not allow you to spend more money than you have available in your bank account. Therefore, you cannot accumulate debt with a debit card.
3. When you use one, the money is taken directly from your bank account: Yes, this statement is true for debit cards. When you make a purchase or withdrawal using a debit card, the money is deducted directly from the associated bank account.
4. They usually charge a lower interest rate than credit cards: The interest rate charged by debit cards is typically not applicable since debit card transactions are made with available funds in your bank account. Only credit cards charge interest on balances that are carried forward from month to month.
Therefore, the correct answer is: When you use one, the money is taken directly from your bank account.