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Taking Charge of Credit Cards
Transcript of Taking Charge of Credit Cards
Credit Card Safety Tips to Remember
What do you think are some advantages of using credit cards?
Useful for emergencies
Often required to hold a reservation
Purchase expensive items earlier
Eliminate the need to carry large amounts of cash
What do you think are some disadvantages of using a credit card?
Additional fees are common
Tempting to overspend
Responsible for lost/stolen cards
Risk of identity theft
Can cause large amounts of debt
Credit card scenario #1
Ryan had just returned home from school when the phone rang. The person on the other end said she was from his bank and needed to know his credit card number to verify his account.
Should he tell her his credit card number?
Credit card scenario #2
Sarah signed for a store credit card last year to save 10% on her prom dress. She has not used the card since then.
What should she do with the card?
Credit card scenario #3
Angie just turned 18 and has received numerous credit card offers in the mail. She doesn’t need a credit card, so she tossed the unopened envelopes in her waste basket.
What should Angie do with the credit card offers?
What is credit?
when a good or service is received in exchange for a promise to pay back money in the future
What is interest?
the price of money
When referring to credit, interest is the charge for borrowing money
What is a credit card?
Plastic card that holds pre-approved credit
Purcahse item now Pay later
- maximum amount of money that can be charged on the card
Credit Card Payments
Pay total amount owed
Make smaller payments - equal or unequal
- minimum amount of a credit card bill that must be paid every month
Credit Card Interest
Also Known as...
Annual Percentage Rate (APR)
- interest rate charged on a credit card
What if only the minimum payment is made every month?
Justin Jabowski Activity
What is the difference between debit cards and credit card?
- plastic card that is electronically connected to an account that holds cardholder’s money
Money is borrowed and paid back later.
Money is immediately taken out of an account.
What happens when a credit card is used irresponsibly?
Late Payment Fee
Charged when minimum payment is not made by due date
Charged if the amount of transactions goes over credit limit
Higher interest rate charged on new transactions
If a credit card is closed, notify the company in writing and by phone, then cut up card
Sign back of card with signature and "Please see ID"
Never give out a card number unless making purchases that you initiated
Do not leave cards lying around
Lost or stolen card should be reported immediately to the credit card company
Keep a list of all cards, account numbers, and phone numbers separate from cards
Shred any credit card offers received
Check credit card statements for false charges; report any false charges immediately