The Magic Plastic Promise | Gemini Storybook
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The Magic Plastic Promise – Page 1
"Leo stared at his piggy bank. He had counted the coins three times, but it was no use. The amazing new drawing tablet he saw online was still way too expensive. "It's impossible!" he sighed, resting his chin on his hands as he looked at the glowing screen."
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The Magic Plastic Promise – Page 2
"His older sister, Elara, leaned in the doorway. "What's impossible?" she asked. Leo explained his problem. Elara smiled and pulled a small, shiny plastic card from her wallet. "Maybe not," she said. "This is my special card. It's like a little bit of magic for grown-ups.""
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The Magic Plastic Promise – Page 3
"At the electronics store, Leo held the box with the drawing tablet. His heart thumped with excitement. He watched as Elara handed her card to the cashier. The cashier swiped it through a small machine, there was a beep, and then she handed the card back. "That's it?" Leo whispered. "You just got it?""
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The Magic Plastic Promise – Page 4
""Not exactly," Elara said as they walked home. "When I used my card, I made a promise. The card told the store, 'Don't worry, my bank will pay you for this tablet.' My bank is called the 'Issuing Bank' because it issued, or gave, the card to me.""
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The Magic Plastic Promise – Page 5
""So your bank just gives the store the money?" Leo asked, confused. "Almost!" said Elara. "The store has its own bank, called the 'Acquiring Bank.' Its job is to acquire, or get, the money for the store. So my bank has to send the money to their bank.""
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The Magic Plastic Promise – Page 6
""But how do the banks talk to each other so fast?" Leo wondered. "That's the real magic," Elara said, pulling out a notebook. She drew the two banks and, in between them, a big cloud labeled 'The Network.' "A huge, super-fast computer system connects them and approves the payment. All in the second it takes to beep!""
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The Magic Plastic Promise – Page 7
"A few weeks later, an envelope arrived for Elara. She opened it and showed Leo the paper inside. It was her credit card statement. "See?" she said, pointing to a line. "Here's the drawing tablet. The bank paid the store for me, and now they've sent me a bill to remind me to pay them back.""
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The Magic Plastic Promise – Page 8
""So you have to pay all that money now?" Leo asked. "Yes," Elara said seriously. "And it's very important to pay the full amount back. The bank lent me the money, and paying it back is how I keep my promise." She went to her computer and, with a few clicks, paid the bill online."
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The Magic Plastic Promise – Page 9
""What happens if you don't pay it all back?" Leo asked. "That's the tricky part," Elara explained. "If I only pay a little bit, the bank charges me extra money called 'interest' on what's left. The longer I wait to pay, the more interest they add, and the tablet would end up costing much, much more.""
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The Magic Plastic Promise – Page 10
"Leo looked at his new drawing tablet, then back at Elara. He finally understood. The card wasn't magic money; it was a tool built on promises. "Don't worry," Leo said, grabbing his piggy bank. "I'll help you pay it back. That's my promise.""
