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Tip of the Day!
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The ABCs of Credit Card Finance Essential Facts for Students
2005 – 2006 Carol A. Carolan, Ph.D.
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Essential Facts … Two Groups of Information
Credit Card Costs Credit Card Behaviors 2
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Credit Card Costs 3
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Annual Fees Interest Cash Advances Convenience Checks Penalty Rates 4
Annual Percentage Rate (APR) Cash Advances Convenience Checks Penalty Rates 4
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Low Interest Teaser Rates Balance Transfers Late Fees
Over Credit Limit Fees Bounced Check Fees Currency Conversion Fees 5
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Choosing a Credit Card 6
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Look For: A Low Annual Percentage Rate (APR) No Annual Fee
A Long Grace Period Low Penalty Rates 7
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Types of Credit Card Users
Convenience Users “Revolvers” 8
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Dos and Don’ts 9
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Student Loans for Tuition Wants vs. Needs Convenience
One Card Student Loans for Tuition Wants vs. Needs Convenience Pay More Than the MMP Be a Manager 10
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Don’t Exceed Your Credit Limit Cash Advances Convenience Checks
Don’t Skip Payments Pay on Time Don’t Exceed Your Credit Limit Cash Advances Convenience Checks Be Wary of Teaser Rates 11
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Credit Card Shuffle Low Credit Limit Quickly Mail Payments
Save Receipts Change of Address Lost and Stolen Cards 12
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Beware of credit schemes
ZERO DOWN, ZERO INTEREST, NO PAYMENTS UNTIL 2017! Interest can still get you! 12
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There’s Always a Solution
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Getting Out of Debt Don’t Deny the Problem Stop Using Your Card
Contact Your Credit Card Issuer Get a Job Reduce Expenses Talk about Your Problems Debt Consolidation 14
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Credit Reports & Credit Scores
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Credit Report Collection of Information Financial Report Card
Lenders Use this Information 3 Main Credit Reporting Agencies Regularly Review Your Credit Reports 16
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Credit Score Numeric Value Applied to a Credit Report
Usually Called a FICO Score Higher is Better 17
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Understanding Your Credit Score
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What Goes Into Our Credit Scores?
Pay Bills on Time Unresolved Debt Number of Cards and Their Balances How Long Quest for New Credit 18
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Consequences of Irresponsible Credit Card Use
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Difficulty Renting an Apartment Denied Employment
High Interest Rates Difficulty Renting an Apartment Denied Employment Graduate School Rejection Higher Insurance Premiums Big Bucks for Cell Phones Denial of Credit 20
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Identity Theft 21
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Signs of Identity Theft
Card/Statement Not Requested Statement Not Received Unauthorized Charges Denied Credit Debt Collectors 22
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Minimize the Risk… Keep Personal Information Personal
Don’t Use Social Security Number Leave Social Security Card Home Carry Only What’s Needed Photo ID Credit Card Know Your Billing Cycles 23
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Purchase on Secure Websites Keep Personal Information Safe
Shred Receipts Use the Post Office Creative Passwords Purchase on Secure Websites Keep Personal Information Safe Review Credit Reports Computer Virus Protection 24
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Victims of Identity Theft Should…
Contact the Big Three Experian Equfax Transunion Fraud Alert Order Free Credit Reports & Review Call Fraud Departments Close Fraudulent Accounts File a Police Report Contact the FTC 25
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Identity Theft Video
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