Jordan gets confused and uses his credit card to get $40 in cash from an ATM instead of using his debit card. Based on this agreement, what is the impact of this decision

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12-10-2021
Business

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Jordan gets confused and uses his credit card to get $40 in cash from an ATM instead of using his debit card. Based on this agreement, what is the impact of this decision

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Tundexi Tundexi · Answer 1 · 2021-10-20T12:06:49+02:00

The impact of Jordan making this mistake is an extra Credit charges that will be impose on the Cash withdrawn.

Simply put, a Credit Card are offered to people by banks for purpose of making purchases or cash advances and requires them to pay back the loan amount in the future.

However, a Debit Card is quite different because it is issued by banks to an account-holder or facilitate easy withdrawal from his/her account through the ATM or at any Point of Sales.

Now, Jordan can use his Credit Card as well but he will be required to pay back the amount he withdrew with an extra Credit charges.

Therefore, in conclusion, the impact of Jordan making this mistake is an extra Credit charges that will be impose on the Cash withdrawn.