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Muhammad Credit Card
Transcript of Muhammad Credit Card
(cc) photo by medhead on Flickr
My Top Three Choices
BMO: Bank of Montreal
Dividend card. Why I didn't choose it?
BMO SPC cashback Mastercard
Minimum personal income required: $15,000
Credit limit: $500.
Rewards: 1% cashback.
Benefits: Travel Accident Insurance, and purchase protection and extended warranty.
Minium personal income required: Not specified
Credit limit: $ 500
Rewards: Cashback, travel and vacation, merchandise.
Benefits:Purchase protection and extended warranty.
COMPARISON OF CREDIT CARDS
Minimum income required: $35,000 per household.
Credit limit: $ 500
Benefits: Travel accident insurance, trip interruption or cancellation insurance, rental vehicle insurance, baggage insurance, and purchase protection and extended warranty.
Card has minimum benefits and rewards.
High interest rate on cash advances and balance transfers
mbna premier rewards platinum plus master card: Why I didn't choose it?
Card company is unknown to me
Mainly located in Ottawa.
Annual Interest Rates
BMO SPC cashback mastercard
MBNA Canada Bank
CIBC Dividend Card
Muhammad Ali Abidi
Advantages of a credit card:
It is more convenient than cash.
You can spend more money than what you have.
You don't have to pay the money back until a minimum of 21 days.
You can get cashback and other rewards as well as benefits.
You can build up your credit history
Another method of payment.
Disadvantages of a credit card
Very high interest rates.
May borrow more money than you can handle.
Get a bad credit rating.
Credit card scams.
May be in debt for a long time.
Criteria used by financial institutions
Are you willing to pay your loans?
Are you reliable?
Do you have a good credit rating?
Have you used credit cards before?
Are you able to make payments on time?
Do you have a permanent job?
Are you currently in debt?
What is your income?
Your assets and liabilities.
If you don't have an income, capital can be used to repay the loan.
Are your assets more than your liabilities?
Do you own or rent your house?
What is the value of your assets?
What if you are unable to pay bills on time?
You have to pay interest on purchases. You can go into debt and get a bad credit rating
What if you get a bad credit rating?
Companies won't be willing to loan their money to you. You will find it hard to get a credit card.
Why I chose BMO SPC cashback Mastercard?
No annual fee:
Plus, all SPC (Student Price Card Ltd.) benefits are included for free every year
An annual cash rebate on account:
$1 back for every $200 you spend.
Student discounts of 10% to 15% at hundreds of stores. Example: Aeropostale and Pizza Pizza.
If card is lost or stolen items bought with your card are automatically insured for 90 days. You are also covered from unauthorized use of card.
Credit card has a limit of $500.
Credit cards are extremely dangerous.
Once you are in debt, it takes you a lot of time to get out of debt.
Credit cards are one of the most common forms of payment.
If I were to get a credit card, I would use it as a debit card.
Always pay your balance on time.