Question 1

What is the difference between a debit card and a credit card?

Accepted Answer

A debit card uses your own money from your bank account, while a credit card borrows money from the lender that you must repay. Debit cards help avoid debt and interest charges but offer less fraud protection and don't build credit. Credit cards can build credit history, offer rewards, and provide better purchase protection.

Question 2

Can I use my debit card as a credit card?

Accepted Answer

Yes, most debit cards can be run as 'credit' at checkout by selecting 'credit' instead of 'debit' and signing instead of entering your PIN. The money still comes from your checking account, but it processes through credit card networks (Visa/Mastercard). This doesn't build credit or change how funds are withdrawn.

Question 3

What is mortgage insurance?

Accepted Answer

Mortgage insurance protects the lender if you default on your loan. It's typically required when your down payment is less than 20% of the home's value. Private Mortgage Insurance (PMI) is for conventional loans, while FHA loans have Mortgage Insurance Premiums (MIP). The cost is added to your monthly payment and can be removed once you reach 20% equity.

Question 4

What is Form 1099-INT?

Accepted Answer

Form 1099-INT reports interest income earned from banks, credit unions, and other financial institutions. You receive it if you earned $10 or more in interest. Use it to complete your income tax return.

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Frequently Asked Questions

What is the difference between a debit card and a credit card?

Can I use my debit card as a credit card?

What is mortgage insurance?

What is Form 1099-INT?

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