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Credit and Other Cards
Credit and Other Cards
Other Cards
Other Cards
Credit Cards Debit Cards
Payments Buy now, pay later. Buy now, pay now.
Yes if you carry a balance or your
Interest Charges No.
card offers no "grace period."
Easier and faster than writing a
Freebies, such as cash rebates and
Other Potential check. Avoid debt problems. More
bonus points good for travel deals.
Benefits cards now offering freebies. Some
Some purchase protections.
purchase protections.
Fees and penalties. Also, not all Fees on certain transactions. You
cards offer grace periods (time to may overdraw your account if you
Other Potential
repay without incurring interest). are lax about recording debit card
Concerns
Over-spending can cause debt transactions.
problems.
Cash Cards
Cash cards, similar to prepaid phone cards contain a set amount of value, which can be read by a
Cash Cards
Cash cards,card reader. Participating retailers will use the a set amount the value, which
special cash similar to prepaid phone cards contain reader to debit of card in increments
can be read by a special cards are like cash because they have no built-in security; if reader
until the value is gone. The cash card reader. Participating retailers will use the lost or
to debit thecan be in increments until the valuecardgone. The cards areyou can register
stolen, they card used by anyone. Check with the is issuer to see whether like cash
becauseso youhave no built-in security; if lost stolen.
the card
they can cancel it in the event it is lost or or stolen, they can be used by
anyone. Check with the card issuer to see whether you can register the card so you
Stored Value Cards
can cancel it in the event it is lost or stolen.
Stored value cards include:
Telephone cards with prepaid minutes.
Stored International gift cards that can be used anywhere the VISA or MASTERCARD logo is
Value Cards
displayed.
Stored value cards include:
• Telephone cards with prepaid minutes.
Some items to keep in mind about stored value cards:
• International gift cards that can be used anywhere the VISA or
Reduce or eliminate check-cashing fees.
MASTERCARD logo funds; no need to wait in lines.
Offer 24-hour access to is displayed.
Make money transfers more easily available to families.
Be sure to ask about any fees associated with a stored value card, such as monthly fees or
inactivity fees.
Smart Cards
A smart card resembles a credit card in size and shape, but inside it is completely different. The
inside of a smart card usually contains an embedded microprocessor or computer chip. The chip
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is under a gold contact pad on one side of the card.

2. Prosperity4Teens
Some items to keep in mind about stored value cards:
Reduce or eliminate check-cashing fees.
Offer 24-hour access to funds; no need to wait in lines.
Make money transfers more easily available to families.
Be sure to ask about any fees associated with a stored value card, such as monthly
fees or inactivity fees.
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