Operation: Five Ways to Pay
As M3 Cadets, it’s your job to know your way around the world of money. Below you’ll find our confidential report on the most popular ways to pay for stuff. Whatever you do, don’t let it get in the hands of the Evil Dr. Spendit.
Cash (AKA: Moola)
Cash is the number one way to pay. It’s easy to carry around and nearly everyone accepts coins and dollar bills. Using cash is good for paying for everyday things.
Check (AKA: IOU)
This is a note you sign that is worth the amount of money you write on it. The amount is then taken from your checking account and put into someone else’s account.
Debit Card (AKA: Check Card)
A debit card is a card that works like a check. Instead of writing a check, you use your card at a cash register or online. Money is then taken out of your checking account.
Credit Card (AKA: Plastic)
This is a card that lets you to pay for things using credit, which is a promise to pay later. When you use credit, there is sometimes a fee you have to pay. This is called interest, and can get expensive, so use with caution.
Loan (AKA: Credit)
Loans are another type of credit. With a loan, you “borrow” money to pay for something big, like a car. Just like a credit card, you usually pay interest. Use only in special circumstances.
M3 Cadet Tip: When you use a check or debit card, you can only use the amount you have in your checking account.
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