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Banking: Credit & Debit Cards

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by

Dana Nawrocki

on 21 September 2018

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Transcript of Banking: Credit & Debit Cards

Banking
Credit & Debit Cards
Credit Card
What is credit?
The agreement to obtain money, goods, or services now in exchange for a promise to pay in the future.
As long as you pay back the money you borrowed within the “grace period” of 25-30 days,
you don't have to pay interest
A plastic card issued by a bank for the purchase of goods or services
on credit
So what's a credit card?
Advantages
Helps you buy things earlier than if you just save
Convenient
Emergencies (no cash)
Establish a credit rating
A measure of a person’s ability and willingness to pay debts on time.
of a credit card
Disadvantages
of a credit card
Buy Buy Buy Buy Buy Buy Buy Buy
Cost more due to interest
You commit some of your future income since debt must be repaid
Credit limit
Lower credit rating
Interest
The price paid for the use of borrowed money
Creditor’s lend money based upon confidence in the borrower to pay the money back.
The amount of interest paid is based on three factors
Interest rate (%)
Length of time
Amount of loan
Debit Card
A plastic card used to make cash withdrawals from a bank account, or to pay for goods and services.
What is it?
When you use a debit card, you are spending your own money—
not borrowed money
Advantages
of a debit card
Don't need to carry cash- less risky
PIN number- secures money
Only spending money you have
Disadvantages
of a debit card
Don't build credit
Can only pay for items that you have cash for
Overdraft fees
Additional Information
Bank Card Tips
Don’t pay just the minimum
Avoid too many credit cards
Shop around for the best credit card for you
Keep accurate records
Control spending
No more than 20% of income
THINK BEFORE YOU SWIPE!
Can you afford the item?
Could you use the credit in a better way?
Could you put off buying this item?
Full transcript