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store credit

definition: Money given by a store usually after a return that you can spend only at that store.

advantages:

-Often comes with discounts for store purchases.
-May have lower interest rates unlike general credit cards.

disadvantages :

-Limited to use within the issuing store

-Many store credit cards have lower credit limits than standard credit cards. This can be a disadvantage for individuals who need a larger credit line for larger purchases or emergencies

example :

buying something then returning it and getting the amount the product was in store credit

a gift card for that store

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Cash

Definition:

Cash is the phyisical form of coins an banknotes, being accepted by a wide variety of retailrs makes spending a lot more simpler

Advantages:

Makes you more aware of what you spend,

you avoid debt and fees, plus you have more privacy because cash doesnt leave any digital fooprints, unlike spending with a credit card.

Disadvantages:

Even though cash lets you avoid debt and fees, it can leave inconvience when your spending your cash in large amounts, not to mention having a hard time tracking what you spend, also cash doesn't contribute to your credit score, cause your not using a credit score.

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cash kid

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debit card is a card allowing the holder to transfer money electronically from their bank account when making a purchase.

advantages are direct access to funds, being able to access to any atm, can stop people from overspending

disadvantages are credit scores not rising, having limited fraud protection, overdraft fees

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Debit Card

Definition:

A debit card is a card issued by a bank that allows the cardholder to purchase goods and services. A debit card also allows the cardholder to withdraw money from his/her bank account through an ATM, like an ATM card.

Advantages:

Debit cards offer several advantages, including preventing overspending by limiting purchases to funds in your account. They also simplify accounting, avoid interest charges, and are widely accepted. Additionally, debit cards can be convenient, offering features like contactless payments and are generally easy to obtain.

Disadvantages:

Debit cards offer convenience for spending, but also have disadvantages. One major drawback is they can't be used to build credit history, which is important for loans and mortgages. Also, debit cards often have limited fraud protection, meaning you could lose your money if the card is stolen or used fraudulently, and you may have to wait for the bank to investigate.

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A debit card Linking to your account: A debit card is linked to your everyday bank account. Making purchases: When you use your debit card, the money is taken directly from your available funds in your account. Withdrawals: You can use it to withdraw cash from ATMs. Online purchases: Many debit cards can be used for online shopping. Digital wallets: Some debit cards can be added to digital wallets like Google Pay or Apple Pay for convenient payments on your phone.

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Credit card

A small plastic card issued by a bank, building society, etc., allowing the holder to purchase goods or services on credit.

Advantages

credit history

offer purchase insurance

give you rewards or cash back

protect you from fraud

Disadvantages

your interest rate is increasing.

negatively affecting your credit score.

losing the benefit of any promotional rate offer you have.

your financial institution cancelling your credit card.

your card provider cancelling your credit card balance insurance.

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Debit card

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credit card

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I completely understand.

- Sincerely Lesieli.M

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Store Card:

Definition: A card from a specific store that lets you buy things now and pay later, but only at that store.

Advantages: Special store discounts; easy to get for young people.

Disadvantages: High interest rates; can only use it in one store.

Example: My cousin uses a store card at a clothing shop to get discounts.

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Lay-by:

Definition: Pay for an item in small amounts before taking it home.

Advantages: No debt; no interest.

Disadvantages: Can’t use the product until you’ve paid in full; possible cancellation fees.

Example: My aunt put a toy on lay-by before Christmas and collected it after paying it off.

Would you like to recommend it to others?

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Cash

Definition: Paying with physical money, like coins and notes.

Advantages: No interest or fees; accepted almost everywhere.

Disadvantages:

Example:

Would you like to recommend it to others:

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Instructions:

Choose one payment option and add your post under the right column.

Please write:

A short definition

Two advantages

Two disadvantages

A real-life example

Would you recommend it to other students? Why/why not?