Methods of Payments (Junior Cert Home Economics): Revision Notes
Methods of Payments
Methods of Payment
Different ways to pay for goods and services:
Cash
✔ Advantages:
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Less likely to overspend. ✘ Disadvantages:
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Not secure; if lost/stolen, unlikely to be recovered.
Credit Cards
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Allows you to buy now, pay later. ✔ Advantages:
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If the bill is paid in full, no extra interest. ✘ Disadvantages:
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High interest rates = goods cost more.
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Debt can build up if bills aren't paid on time.
PayPal
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Online payment system where sellers don't see your card details. ✔ Advantages:
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Reduces risk of online fraud. ✘ Disadvantages:
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Can encourage impulse buying as it's quick and easy.
Debit Cards
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Used by inserting into machines with a PIN or tapping for payments under €30. ✔ Advantages:
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Secure – can be blocked if stolen.
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No extra charges for tap payments. ✘ Disadvantages:
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Easy to lose track of spending.
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If stolen, cards can be tapped before a PIN is needed.
Interesting Fact
📌 In 2016, debit card payments exceeded ATM cash withdrawals in Ireland for the first time. People are moving away from cash, especially for larger purchases.