Flashcards
Pearson BTEC Unit 3 Personal and Business finance (Definition, advantages and disadvantages)
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Define Charge card
State two advantages
State two disadvantages
Define Charge card
State two advantages
State two disadvantages
Issued by financial institutions allowing customers to delay payments for goods and services for a short period of time; the balance should be paid in full when a statement is issued
✔ Reduces risk of running into debt
✔ Allows a short period of credit
✔ Often offers additional perks
❌ Must be paid in full each month
❌ Often an annual fixed fee is applied
Define Travel
State two advantages
State two disadvantages
Define Travel
State two advantages
State two disadvantages
Protects individuals or groups while abroad
✔ Provide protection for personal belongings when away from home
✔ Covers medicinal costs
✔ Protects against cancellations and sometimes delays
❌ The person suffering the loss is likely to have to pay upfront to replace items or cover medical costs and then reclaim later
❌ An additional cost when travelling abroad
Define Basic account
State two advantages
State two disadvantages
Define Basic account
State two advantages
State two disadvantages
This account is offered to individuals with who may find it difficult to open a bank account due to poor credit rating
✔ Available to customers with low credit rating
✔ Ability to pay in withdraw cash
❌ Limited facilities eg. No debit card or overdraft facilities
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