Financial Literacy-Debit and Credit | Learn the difference and when to use which

So what's with those small, plastic cards that adults use to buy stuff? In Financial Literacy-Debit and Credit, your students will discover the answer to that question. They will also realize that credit cards and debit cards are different, and each one can be helpful in different ways.
Credit cards and debit cards are both small, hard, plastic cards. But apart from that, they are quite difference. Credit cards, for instance, are not linked to a bank account, but debit cards are. That means you can use debit cards to pay for things with money you already have. Generally speaking, a debit card is directly linked to a checking account. Credit cards use money that is loaned. You can use it to buy something and pay for it later.
Credit card companies issue credit cards, and it's like a type of loan. You can pay back the loan according to the credit company's schedule. You usually have to make a minimum payment each month to reduce your debt. They can also charge interest if it takes you longer to pay the money back or if you don't pay the full amount back every month. However, if you pay your credit card bills in full every month, you won't be charged any interest.
We hope you and your student(s) enjoyed learning about these important skills! If you want even more information, head over to our website and download one of our many free lesson plans, full of activities, worksheets, and more!
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What you will learn in Financial Literacy-Debit and Credit:
0:00 Introduction
1:11 Difference between debit and credit cards
2:11 How credit cards work
3:04 Example with Frankie Finance-credit card
4:13 Example-debit card
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