Payment Methods and Credit. In This Lesson: 1.Compare the advantages and disadvantages of using various payment methods. 2.Differentiate between a debit.

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Presentation transcript:

Payment Methods and Credit

In This Lesson: 1.Compare the advantages and disadvantages of using various payment methods. 2.Differentiate between a debit card and a credit card. 3.Examine the cost of using credit instead of using money you save

Check– A written contract between you and the person you are paying stating that money is available to be taken from your checking account. Cash – Money in paper form Credit Card – A card used to access money that you have been approved to borrow. This money is borrowed until paid back in full. Debit Card – A card used to withdraw money from your checking account through purchases or an ATM Personal Loan – An amount of money you borrow to make a purchase. Payments are made on the loaned amount little by- little. (Example: Car or Home loan) Gift Card – An amount of money issued to you to be used at a certain business or company. Usually treated like cash.

Advantages and Disadvantages Payment Option AdvantagesDisadvantages My Money Cash Check Gift Certificates Debit Card Credit Card Line of Credit Fast, No paperwork, easily accepted many places Can be lost or stolen, might run out, no internet purchases Safe, convenient, no need for cash. Just like cash Only good at specific stores, may need identification May not be accepted, must have identification Pay interest on money borrowed, may incur fees for overuse. Pay interest to borrow money, cannot have if credit is bad. Safe, can be used for different amounts, can be replaced if lost Safe, not responsible for fraudulent charges, can be used over internet Safe, can buy now and pay later, Helps build credit Must keep good records, limited by amount in checking account. Mine Borrowed

Debit vs. Credit Card Debit Card Credit Card Takes money directly from your checking account. You buy the goods now and pay for them later. You swipe you card and can either sign the receipt or use your PIN. You swipe the card and have to sign the receipt to get your stuff. Does not effect your credit unless you are negative Effects your credit, so you had better be responsible. Requires you to know how much money you have in your checking account. Requires you to know how much credit the bank has allowed you to borrow.

The interesting thing about paying interest:

The Interesting thing about paying $10 more:

Review what we have learned: 1.Compare the advantages and disadvantages of using various payment methods. 2.Differentiate between a debit card and a credit card. Examine the cost of using credit instead of using money you save