Which of the following is known as plastic money?

Credit Card Known as Plastic Money

Plastic currency is another name for a credit card. Small plastic cards, known as credit cards, are given out by financial entities like banks. the holder of this card can buy anything if he/she carries the credit card. It’s a kind of money supported by the bank system.

Bearer Cheque: Bearer checks are those that are withdrawn to the owner of the check. These kinds of checks are typically utilized for cash transactions.

Order Cheque: Order cheques that are withdrawn on behalf of the payee (the person whose name is written on the cheque). Cross-check the payee’s identity before sending a payment to them.

Crossed Cheque: The top right corner of the cheque has two lines drawn through it. Only the amount specified on the check is transferred to the payee’s bank account. There is no payment in cash.

Demand Drafts – Demand Drafts are bills of exchange that are given to clients and instruct another bank to pay a specific amount to the designated party.

Summary:

Which of the following is known as plastic money? (A) Fixed Deposit (B) Credit Cards (C) Bearer cheques (D) Demand Drafts

Plastic money is another name for credit cards, debit cards, ATM cards, smart cards, charge cards, etc. These cards are provided by banking and non-banking financial institutions to customers for financial use.