Question 1

What is an electronic debit card?

Accepted Answer

An electronic debit card (also called an EBT card or e-debit) typically refers to cards used for government benefits like SNAP (food stamps) or cash assistance. It works like a regular debit card but accesses benefit funds rather than a personal bank account. The term can also refer to any standard debit card used for electronic transactions.

Question 2

What are digital wallets?

Accepted Answer

Digital wallets like Apple Pay, Google Pay, and Samsung Pay store your payment information securely on your phone. They use tokenization and biometric authentication for secure contactless payments at merchants.

Question 3

What is a foreign transaction fee?

Accepted Answer

A foreign transaction fee is a charge (typically 1-3%) applied when you make purchases in foreign currencies or with international merchants. Some banks and credit cards offer no foreign transaction fees.

Question 4

What is a money market account?

Accepted Answer

A money market account combines features of savings and checking accounts, offering higher interest rates than regular savings, limited check-writing abilities, and debit card access. They often require higher minimum balances.

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Frequently Asked Questions

What is an electronic debit card?

What are digital wallets?

What is a foreign transaction fee?

What is a money market account?

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