Chief Allowance Officer | Debit vs Credit Cards

BMO Presents: The CAO Report! I’m Jessica, BMO’s Chief Allowance Officer I’m here to teach kids about credit and debit cards

Both credit cards and debit cards are used to pay for things But they work a little differently When you pay with a debit card, what you spend is taken out of your bank account right away Oops! Sorry, Mr Elephant

When you pay with a credit card, the bank pays for you So if you don't have money right now, you can pay them back at the end of the month Just don’t be late, or you might have to pay a fee That’s how credit and debit cards work! Now if you’ll excuse me, I need to diversify my toy portfolio This has been your CAO report

Thanks for watching! That feeling you get when a bank sets your kids up for success That’s the BMO Effect