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Presentation transcript:

Take a guess to win candy… What is the average credit card debt per family in America? $7,115!

Managing Credit Cards

Important Credit Card Terms Annual Fee Cost of just having the card for a year Annual Percentage Rate (APR) Yearly interest rate Applied when you don’t pay off the full monthly balance Can be variable or fixed Variable = it can change (up or down) Fixed = it stays the same

Important Credit Card Terms Minimum Payment The smallest amount you can pay without being considered late on your payments Credit Limit The maximum amount you may charge to your card

Choosing a Card Comparison shop Look for cards with low or no annual fees Look for cards with low APR rates Consider whether any incentives are outweighed by the annual fees/high interest rates Cash back, air miles, gift incentives

Credit Card: Do’s Save receipts Pay as much of your balance as you can (ideally, the full balance) Pay bills on time

Credit Card: Don’ts Max out your card

Quick Review When would a credit card with cash back incentives not be worth using? How much of your monthly balance should you try to pay every time? If the annual rate/interest rate outweighs the incentives As much as possible