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The ABCs of Credit Card Finance Essential Facts for Students 2007 Carol A. Carolan, Ph.D.
Essential Facts … Two Groups of Information Credit Card Costs Credit Card Behaviors 2
Credit Card Costs 3
Annual Fees Interest Annual Percentage Rate (APR) Average Daily Balance Method Cash Advances Convenience Checks Default Rates 4
Low Interest Introductory Rates Balance Transfers Late Fees Over Credit Limit Fees Bounced Check Fees Currency Conversion Fees 5
Choosing a Credit Card 6
Look For: A Low Annual Percentage Rate (APR) No Annual Fee A Long Grace Period Average Daily Balance Method Low Penalty Rates 7
Types of Credit Card Users Convenience Users Revolvers 8
Dos and Donts 9
One Card Student Loans for Tuition Wants vs. Needs Convenience Pay More Than the MMP Be a Manager 10
Dont Skip Payments Pay on Time Dont Exceed Your Credit Limit Cash Advances Convenience Checks Be Wary of Teaser Rates 11
Credit Card Shuffle Low Credit Limit Quickly Mail Payments Save Receipts Change of Address Lost and Stolen Cards 12
Theres Always a Solution 13
Getting Out of Debt Dont Deny the Problem Stop Using Your Card Contact Your Credit Card Issuer Get a Job Reduce Expenses Talk about Your Problems Debt Consolidation 14
Credit Reports & Credit Scores 15
Credit Report Collection of Information Financial Report Card Lenders Use this Information 3 Main Credit Reporting Agencies Regularly Review Your Credit Reports 16
Credit Score Numeric Value Applied to a Credit Report Usually Called a FICO Score Higher is Better 17
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
Consequences of Irresponsible Credit Card Use 19
High Interest Rates Difficulty Renting an Apartment Denied Employment Graduate School Rejection Higher Insurance Premiums Big Bucks for Cell Phones Denial of Credit 20
Identity Theft 21
Signs of Identity Theft Card/Statement Not Requested Statement Not Received Unauthorized Charges Denied Credit Debt Collectors 22
Minimize the Risk… Keep Personal Information Personal Dont Use Social Security Number Leave Social Security Card Home Carry Only Whats Needed Photo ID Credit Card Know Your Billing Cycles 23
Shred Receipts Use the Post Office Creative Passwords Purchase on Secure Websites Keep Personal Information Safe Review Credit Reports Computer Virus Protection 24
Victims of Identity Theft Should… Contact the Big Three Fraud Alert Order Free Credit Reports & Review Call Fraud Departments Close Fraudulent Accounts File a Police Report Contact the FTC 25
The ABCs of Credit Card Finance Essential Facts for Students 2012 Carol A. Carolan, Ph.D.
November 20, 2015 Entry task: List two do’s and two don’ts for credit card use. Target: Identify how to use credit cards properly to establish good credit.
April 25, 2014 Entry task: What does APR stand for? What does it mean? Target: Select a credit card based on terms and conditions.
The ABCs of Credit Card Finance Essential Facts for Students 2010 Carol A. Carolan, Ph.D.
Credit Card Understanding a Credit Card Take Charge of Your Finances Advanced Level.
1 Staying on Good Terms: Managing Credit and Debt OSFA Office of Student Financial Aid.
Charge It Right 1. 2 Purpose Charge It Right will teach you about credit cards and how to use them responsibly.
Key to the Future Chapter 2, Lesson 1 Warm-Up Questions CPS Questions Note for teacher: Use Pick a Student button in CPS.
Credit Card Traps and PowerPay Debt Reduction Program.
Using credit is a way of life. People use credit online and for everyday purposes. Some do it so they don’t have to carry cash. Some use it to buy things.
Understanding a Credit Card Take Charge of Your Finances.
The ABCs of Credit Credit Scores Establishing Credit Maintaining Good Credit Credit Cards Managing Credit Challenges.
Charge It Right 1. 2 Introduction Instructor and student introductions. Module overview.
ECONOMIC EDUCATION FOR CONSUMERS Chapter 10 WHATS AHEAD 10.1 What Is Credit? 10.2 How to Qualify for Credit 10.3 Sources of Consumer Credit 10.4 Credit.
Credit In your opinion, do consumers spend more per month on average when they use a credit card or cash?
25 seconds left….. 24 seconds left….. 23 seconds left…..
Credit Cards 101. Shopping for A Credit Card Comparison shop credit cards Dont take the first offer that comes to you: –Pre-approval Means nothing No.
USING CREDIT. Managing Money & Credit: A Lifelong Skill.
Understanding a Credit Card Take Charge of Your Finances
7.3 Protect your Identity Objective: Understand the importance of managing and protecting your personal credit….
Credit Advanced The Essentials to Take Charge of Your Finances In your opinion, do consumers spend more per month on average when they use a credit.
CREDIT DEFINITIONS Credit Trust given to another person for future payment of a loan, credit card balance, etc. Creditor A person or company to whom a.
2.4.1.G1 © Family Economics & Financial Education – December 2005 – Get Ready to Take Charge of Your Finances – Take Charge of Credit Cards Funded by a.
Financial Wellness Curriculum Good Credit: Get It More information available at YouCanDealWithIt.com.
CREDIT CARDS. Credit Cards When used and managed properly, credit cards offer: convenience a sense of security the ability to build a good credit.
Identity Theft How it happens and how to avoid it.
Credit Cards Rules and Legislation. How does a credit card work? Purchase Item: Approval: Sign Merchant sends receipt to bank gets credit for transaction.
CREDIT CARD DOS & DONTS. DO Limit yourself to one or two cards Differentiate between needs and wants Have the mindset that Credit Cards are a convenience.
Credit Cards Credit Cards Mr. Coronado Consumer Ed/C.A.H.
National Credit Education Week Take the Credit Challenge!
Identity Theft Someone steals your personal information for his/her own gain It’s a crime!
Chapter © 2010 South-Western, Cengage Learning Responsibilities and Costs of Credit Using Credit Wisely Costs of Credit 18.
Jeopardy Topic 1Topic Q 1Q 6Q 11Q 16Q 21 Q 2Q 7Q 12Q 17Q 22 Q 3Q 8Q 13Q 18Q 23 Q 4Q 9Q 14Q 19Q 24 Q 5Q 10Q 15Q 20Q 25 Final Jeopardy.
Family Economics & Financial Education G1 © Family Economics & Financial Education – Revised October 2004 – Credit Unit – Selecting a Credit Card.
Credit Card 411. More about APR Say your APR on your credit card is 18%. Typically, credit cards calculate that rate on either a daily or monthly basis.
Credit Cards. Credit WHAT IS CREDIT? $ It is a loan $ It is an agreement $ It comes with fees, interests & other charges Credit is a debt; it is NOT income!!!
1 If You Are Me, Then Who Am I? Beating Identity Theft Office of the California Attorney General.
Getting a credit card. © Family Economics & Financial Education –Updated April 2009– Credit Unit – Understanding a Credit Card Funded by a grant from.
Learning About Credit Advantages and Disadvantages.
1 Staying on Good Terms: Managing Credit and Debt.
Credit 411 UNDERSTANDING HOW CREDIT CARDS WORK ADAPTED FROM “THE ABCS OF CREDIT CARD FINANCE: ESSENTIAL FACTS FOR STUDENTS” BY CAROL A. CAROLAN, PH.D.
Copyright 2007 Thomson South-Western Chapter 7 Buying Decisions.
Teacher instructions: 1.Print lesson 1 from 2.Display slide 2 with Procedure step 2 in the lesson. 3.Display slides 3 through 11 with Procedure 4. Each.
Credit Test Review. What card takes money directly from your checking or savings account? Debit Card.
Credit Vs. Debit cards. What are Credit Cards? Pre-approved credit which can be used for the purchase of items now and payment of them later.
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