A student wants to purchase a new bicycle that costs $350. They have $150 in cash, a $50 gift card, and a credit card with a $500 limit. Identify the payment method that can cover the cost of the new bike. (1 point)

credit card

None of the payment methods will cover the cost of the new bicycle.

cash

gift card

The payment method that can cover the cost of the new bike is the combination of cash ($150) and the gift card ($50), which totals $200.