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| credit & debit cards | |||
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Credit and debit cards allow money to be given to companies without cash changing hands. A credit card allows you to pay for goods without writing a cheque. However, with a credit card you in effect BORROW the money for a certain period after which you pay it back to the credit card company. If you do not pay back the money when your credit card bill arrives you will be charged interest, often at quite a high rate. This can make it an expensive way of borrowing money, so you need to be very careful when using a credit card. |
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| A debit card is like a cheque, but you do not have to write out all the information that is on a cheque. The company, for example a shop, will swipe the card through a machine and present you with a bill to sign. Just like a cheque, it is essential that you have enough money in your account to cover the cost of the transaction. | |||
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| paying by credit card | |||
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Chip and Pin is a new system now being introduced. As new credit and debit cards are issues they are including an electronic ‘chip’ that stores a Personal Identification Number (PIN) on it. Instead of signing a form customers can now type their PIN number into a machine and the transaction will be completed. It is essential to keep the PIN secret and not to disclose it to anyone. |
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Customer Puts card in 'chip & pin' machine |
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Sales Assistant Registers the sale on shop till |
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Customer Checks sale amount and types in PIN number when instructed to do so. Removes card when instructed to do so | ||
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Sales Assistant Gives customer receipt |
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| In shops and other organisations where a ‘chip and PIN’ machine is not available customers will be asked to sign a form to pay for the goods. | |||
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