Methods of payment
What is cash?
Physical form of currency such as coins and bills.
How old do you have to be to get your own debit card?
18 years old
What is interest?
Money paid at a particular rate for the use of money that is lent/borrowed.
What is cryptocurrency?
A type of currency that exists only in digital or virtual form.
How do you get a debit card?
Open a checking account and the bank will give you a free debit card.
What is a credit card?
Card used to pay for purchases. The cardholder must pay back the money.
What are 3 methods of payment?
Cash, debit card and credit card
What is a debit card?
What is an electronic wallet?
What happens if you don't have enough money in your bank account?
1. Bank will decline your purchase.
2. May charge you a fee for not having enough money.
Why should you always pay off your credit card in full, on time?
To pay no interest and to help maintain/raise your credit score.
Name 3 different apps that can be used to pay for things.
1. Venmo
2. Cash app
3. Zelle
Why do debit cards require a PIN number?
To help reduce fraud
What is a credit score used for?
1. To help them decide whether you get a mortgage (can buy a house)
2. To get another credit card or some other line of credit
3. To decide the interest rate you are charged for the credit (low credit means higher interest rate)