Financial Capabilities for Year 10

Front

Cash is in the form of notes or coins.

Back

Cash

Front

Advantages of using cash

Back

Possible discounts and no fees charged.

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Disadvantages of using cash

Back

Easily lost and no record of payments made unless a receipt is given.

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Debit card

Back

A payment card that allows you to directly make payments from or withdraw money from your bank account.

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Advantages of a debit card

Back

- The consumer does not need to carry cash, allowing for quick and easy payment. - Can easily track spending if the consumer checks their bank account online, as there is a record of payments.

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Disadvantages of using a debit card: Security issues

Back

Debit cards can have security issues, such as fraud.

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Disadvantages of using a debit card: Social situations

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Using a debit card can lead to embarrassing social situations if a payment is declined.

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Disadvantages of using a debit card: Spending habits

Back

Debit cards can make it too easy to tap and go, which can cause overspending.

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Credit card

Back

A card that lets you pay for things, but instead of taking money from your bank account, the credit card company pays and sends you a bill each month. If you pay this off in full, you'll pay no interest.

Front

Advantages of a credit card

Back

- Can spread the cost of purchases, e.g., buy a large item like a TV and pay back a little each month. - Can offer added consumer protection for shopping online and preventing fraud.