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CREDIT CARDS

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by

M.C. Tilton

on 2 July 2014

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Transcript of CREDIT CARDS

Debit Card vs. Credit Card
Debit:
Receive card from the bank
Directly linked to bank
No borrowed money
Cash back
ATM
Store (PIN#)
Does NOT build credit



Credit:
Receive card from card company
Linked to credit card company
= borrowed money
No cash back
Builds credit
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)
Cash back?
Signature (credit option)


Why even ask?
Bank preference


Is there more to it? What about safety?
Look out for fraudulent charges!!!
Credit vs. Debit
Rumors and Myths
Potential Snares - Beginning of Ownership
Rewards
Cash back
Annual Fee
0% APR - yearly rate of interest charged plus fees that is completely lessened to 0%
THE CARD
THE CREDIT
the responsible use of
CREDIT CARDS

GO FORTH AND SWIPE WISELY
The Credit Trap
http://ifunny.mobi/i/xpcom4X52
Using the Card
Only one
Purchases: gas, clothes, food - no!
Low spending limit ($500); 70% below
10% rule
M.C.
Selecting a Card
Thoroughly read terms
Check interest rates and fees
Compare to other offers
Cancellations
Best student cards: no annual fee, low interest rate, low credit limit
Creditors as a resource
M.C.
Paying for the Card
Website and Auto Pay
Date of payment
Statement viewing
BALANCE IN FULL!
Borrowing each others' cards
Dropping out of school
Building credit for future
Parents
You can do it!
College Uniqueness
Potential Snares- Full-Scale Ownership
Due date fluctuation
Communication between companies
Add-on products: credit "protection", etc.
Binding Mandatory Arbitration
Tony Avila
M.C. Tilton
Dave Cobb
Any Thing Else?
Benefits!!
Building credit
What is that?
Why does all of this matter!?
Credit affects EVERYTHING!
Bad credit = increased interest rates
GO FORTH AND
SWIPE WISELY

What Next?
How can I do that?
Authorized user
Regular basis
Pay in full and on time
Minimum inquiries
Educational loans
Myth 1: Checking your credit hurts your scores in the end.
Bogus!!!
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".
Full transcript