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Plastic Money

It's all in the cards

QuestionAnswer
ATM Automated Teller Machine or Cash Withdrawal Machine. You can take out money, top up phone credit and pay bills at this machine.
overdraft An agreement with your bank to spend more money than you do not actually have in your account. As you are borrowing money from the bank, there can be a charge for this service. You must be 18 years or over to have one.
cashback An account that allows customers who pay for items by debit card in a supermarket or other shops to add a small amount of money to the amount of their purchase and receive that amount in cash.
credit cards A plastic card which allows you to buy goods now and pay later. If you don't pay the total amount in full you will be charged interest. You must be at least 18 years old before you can have a credit card.
store cards Is a type of credit card run by some shops. It can usually only be used in their branches. Interest is usually charged on purchases made with it if the balance is not paid in full within a certain time period.
charge cards A plastic card that allows you to buy goods and services and pay for them later. Interest is not charged, but you are required to pay your bill in full each month or be subject to late fees and restrictions on card use.
interest An amount paid by a bank to the customer on savings placed with it. An amount paid to a bank from a customer on money borrowed from it.
handling fee An amount charged for the paperwork involved in setting up loans, accounts or cards etc.
finance companies An institution that provides financial services for its clients or members eg, banks, building societies and credit unions.
debit (laser) card A plastic card which allows you to pay for goods or services. The money is usually taken almost immediately from your account. You can also use your this card as a cash withdrawal card, to withdraw money from a cash withdrawal machine.
interest rate The percentage paid on every €1 saved or borrowed.
smart cards A plastic card that has information stored on a computer chip. This can be a credit card, or other types of cards, such as travel cards.
pre-payment card. These are sometimes called ‘smart cards’. They can be inserted into a machine, loaded up with money and used to pay for goods or services. When the money is used up, more can be loaded on to the card.
Maestro & Cirrus Card Is a mu;ti-national debit card that can be used all over the world.
Created by: moneysense