We use debit and credit cards every day, but do we really know how they work?
Take a moment and think about how many times per week you use your debit or credit card. Your answer will depend a lot on how old you are, as several studies have shown that younger people and the millennial generation are much more comfortable using plastic for small purchases under $10 or even $5. But regardless of your age, we’re guessing you swipe a card at least five times a week, and probably a lot more than that.
The convenience is unbeatable – for debit cards, the money withdrawn is nearly instantly debited from your linked checking account, saving tons of time over using the antiquated check and saving the hassle of dealing with change from using cash. For credit cards, the same convenience applies but instead of taking funds from your checking…
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