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Transcript of CREDIT CARDS
Receive card from the bank
Directly linked to bank
No borrowed money
Does NOT build credit
Receive card from card company
Linked to credit card company
= borrowed money
No cash back
Significance of Credit Cards
Total number of credit card transactions in the U.S. in 2012: 26.2 billion
Total number of credit card accounts in the U.S. as of Q3 2013: 391.24 million
Average number of cards held by cardholders: 3.7 as of the end of 2009
Average debt per credit card that usually carries a balance: $8,220
Time to checkout!
How do you want to pay?
Use own money (debit) or borrow (credit)...
Using Debit Card:
Use PIN# (debit option)
Signature (credit option)
Why even ask?
Is there more to it? What about safety?
Look out for fraudulent charges!!!
Credit vs. Debit
Rumors and Myths
Potential Snares - Beginning of Ownership
0% APR - yearly rate of interest charged plus fees that is completely lessened to 0%
the responsible use of
GO FORTH AND SWIPE WISELY
The Credit Trap
Using the Card
Purchases: gas, clothes, food - no!
Low spending limit ($500); 70% below
Selecting a Card
Thoroughly read terms
Check interest rates and fees
Compare to other offers
Best student cards: no annual fee, low interest rate, low credit limit
Creditors as a resource
Paying for the Card
Website and Auto Pay
Date of payment
BALANCE IN FULL!
Borrowing each others' cards
Dropping out of school
Building credit for future
You can do it!
Potential Snares- Full-Scale Ownership
Due date fluctuation
Communication between companies
Add-on products: credit "protection", etc.
Binding Mandatory Arbitration
Any Thing Else?
What is that?
Why does all of this matter!?
Credit affects EVERYTHING!
Bad credit = increased interest rates
GO FORTH AND
How can I do that?
Pay in full and on time
Myth 1: Checking your credit hurts your scores in the end.
Myth 2: Lower credit limits help your score.
Uh huh, sure.
Myth 3: You need to carry a balance to increase your score.
Yeah, whatever you say Hoss.
Seek and Destroy: The true target, the young and the witless.
Secret Ops: The Honey Pot, showing high interest in low interest rates.
Fault in Universal Default
Universal Default is just a fancy way of saying, "Hi, I'm a tattle tale and I'm gonna tell all my friends".