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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

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

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

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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