MoneySense for Schools: Paying with plastic

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Once you have a bank account you might want to pay for things with a card - but there are different types of cards' Cash/debit cardWho's it for? 11 +What's it for? Use this card to take money from your account through a cash withdrawal machine. You can also use the card to pay for things directly using chip and pin. Put the card into a machine which reads the information chip it carries, and then enter your PIN and pay for the goods.Credit cardWho's it for? 18 +What's it for? Use it to buy goods on credit from shops and online.If you don't pay the account in full each month you will be charged interest on the remaining balance. There are many types of credit cards available issued by different providers like banks or shops, with varying interest rates. Know your cardsDebit and credit cards can make paying for things easier but can sometimes be a target for fraud. There are a number of safety features on cards which are designed to make sure they are secure. How well do you know these features?

The card must be signed with the customer's name. Your signature is unique and one of the ways to check that you are the owner of the card.

The hologram is missing on the 2nd card. Holograms are used to prevent cards being easily produced illegally. Holograms cannot be scanned, photo copied or duplicated by any known printing technique or electronically transmitted. They are embedded into the plastic itself. Holograms that appear to be stuck on top of the card are usually fake holograms.

The microchip on a card stores information about the card, including the PIN. You will need to enter your PIN to use your card at a cash withdrawal machine or in shops. It will need to match the PIN saved on the chip for any transaction to go through.

You will generally be asked for the last three digits of the security code when using your card over the phone or online.

It's important to understand how bank cards work. They include a range of security features to make sure no one else can use your card. Top tipsTake these steps to use your card safely:

Sign you card as soon as you get it.

Never lend your card to anyone else.

Keep your PIN secret.

Never write your PIN down

Change your PIN to a memorable number.