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Is the following statement true or false? I received a lot of money for my graduation, and I want to go to the mall to buy a new laptop. Even though I have the cash, it might still be better to use my credit card to pay for the laptop.

This question is part of Financial Literacy Quiz questions and answers
Asked by Kqed, Last updated: Jul 30, 2020

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2 Answers

Miriam

Miriam

Answered Apr 03, 2019

False!!!!

  • If you want to take advantage of “consumer protections” that major card companies offer, deposit the cash into an amount with a debit card associated with it. When you go to make the purchase, run the debit transaction as a credit (don’t enter a pin when it is requested). You will then have the same advantages offered by buying it with credit without the worry of a bill to pay off later (even if you do “intend” to pay the bill in full).
 

kqed

Kqed

Answered Oct 03, 2018

True

> Using a credit card to make purchases offers several advantages over paying with cash. > For example, most credit cards offer some form of protection if your card is reported stolen or missing, while cash cannot be replaced if lost or stolen. > Using a credit card may also give you some form of buyer protection if you purchase an item that is defective. > If you pay by credit card, you will be charged interest on your credit card balance. On most credit cards, you will not pay interest if you always pay off the entire balance - not just the minimum amount due - by the due date.
 

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