Did you know?
CREDIT DEBIT GIFT
Some people use credit cards
even for small purchases because
they get rewards for using their card.
DEBIT
• Links to your bank account
and takes the money out of
CREDIT
your account right away
• You can’t use more money than
you have in your account
GIFT CARD
• Acts as a loan from a bank or financial institution • Can be a plastic card or used on your phone
• The bank pays the business for you and you or device
pay your bill at the end of the month • Can be used online
• If you don’t pay your bill each month, the bank • Sometimes there is a fee for using this payment • The purchaser gives money to the
will charge you an extra fee called interest method business and the business stores that
• Can be a plastic card or used on your phone • The bank will offer some protection if your money value on a card or through a code to
or other device is stolen or for charges you didn’t approve use later
• Can be used online
• You can’t use more than the value paid
• Sometimes there is a fee for using this payment method
• Can sometimes be used online if the
• The bank will offer some protection if your money is
business has an online store
PAYMENT
stolen or for charges you didn’t approve
Did you know? • If it’s lost or stolen, it can’t be replaced
In Canada, it’s illegal for gift
cards to expire.
METHODS
ELCTRONIC
CASH Did you know? TRANSFER
Interest is a fee you pay to borrow money through
• Coins and bank notes • An email or text message sends
credit. It is a percentage of the total bill and can be very
• Accepted almost anywhere in the money from your bank account to
high. It grows over time if you don’t pay your full bill
country, but hard to use in other another person
every month.
countries • You can’t send more money than you PAY
• You can’t use more than you have have in your bank account
• No protection from being stolen or lost • Sometimes there is a fee for using
• Hard to use for very expensive items this payment method
25 %
(like a car) and can’t be used online
18 %
Did you know?
In Canada, e-transfers can’t
be refunded if you send it to
the wrong person.
4%
BANKOFCANADAMUSEUM.CA/LEARN
Payment Methods
CREDIT DEBIT GIFT
CASH CREDIT CARD DEBIT CARD GIFT CARD E-TRANSFER
Easy to use
Protected from theft or loss
EXPLORING PAYMENT METHODS
Can be used by kids
Can be used online
Can spend more money
than you have
Can cost you to use it
BANKOFCANADAMUSEUM.CA/LEARN
Payment scenarios
Meiling is travelling in France and she Sébastien goes out for ice cream on a hot
wants to buy a croissant for 2 euros.
How should they pay?
€2 day. His chocolate banana blast ice cream
costs $5.25.
How should they pay?
$5.25
EXPLORING PAYMENT METHODS
Alex wants a new pair of soccer shoes for the big game. Hassan is buying a used bike from a
They picked out the best pair online. The shoes cost $110.
How should they pay?
neighbour through a social network.
The bike costs $50. $50
How should they pay?
$110
???
BANKOFCANADAMUSEUM.CA/LEARN
Payment scenarios
Fatima picked out a new book from her favourite Riley found a really cool skateboard at a local
book store. It costs $25. garage sale. It costs $40.
How should they pay? How should they pay?
EXPLORING PAYMENT METHODS
Kaya is going on vacation to a different city Ava saved up for months and is fnally
and travelling by plane. The fight costs $550 from going to buy a new computer. It’s an
the airline’s website. online-only deal and it costs $975.
How should they pay? How should they pay?
5
$ 97
BANKOFCANADAMUSEUM.CA/LEARN
Answer Key: Payment Methods
CREDIT DEBIT GIFT
CASH CREDIT CARD DEBIT CARD GIFT CARD E-TRANSFER
Easy to use
˜ ˜ ˜ ˜
Protected from theft or loss
˜ ˜
EXPLORING PAYMENT METHODS
Can be used by kids
˜ ˜ ˜
Can be used online ˜ ˜ ˜ ˜
Can spend more money
than you have ˜
Can cost you to use it
˜ ˜ ˜
BANKOFCANADAMUSEUM.CA/LEARN
