1. What is a Credit Card Statement?
Outline important information about the card
2009 CARD Act required credit card companies to include specific information about a card account in the statement
Andrew’s Credit Card Statement
Please help Andrew interpret his credit card statement.

2. Summary of Account Activity
Andrew’s Credit Card Statement
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30 2
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 3 1 4
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30
Summary of Account Activity
Overview of credit card 5 6
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions. 7
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89 8
How much did Andrew charge in new purchases during this credit card billing cycle? 9
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00 10
$529.57

3. Minimum payment amount Date payment is due
Payment Information
Total new balance
Minimum payment amount
Date payment is due
Payment due dates must be consistent month to month
Monthly statements must be sent at least 21 days before payment is due
Andrew’s Credit Card Statement
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30 2
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 3 1 4
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 5 6
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions. 7
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232 8
What is Andrew’s minimum payment due for this billing cycle? 9
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00
$53.00 10

4. Late Payment Warning Minimum Payment Warning
What will happen if a payment is late- usually additional fees and a higher interest rate
Andrew’s Credit Card Statement
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30 2
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 3 1 4
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 6
Minimum Payment Warning
Estimate of how long it can take to pay off balance if only the minimum payment is made 5
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions. 7
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232 8
How long will it take Andrew to pay off the balance of his credit card if he only pays the minimum payment? 9
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00 10
10 years

5. Notice of Changes to Your Interest Rates
Andrew’s Credit Card Statement
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30 2
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 3
Notice of Changes to Your Interest Rates
If the Penalty APR is triggered, cardholder must be notified that their rates will be increasing 1 4
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232 5 6
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions.
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well. 7
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89
Has Andrew triggered
the Penalty APR? 8
Yes, he will pay 28.99% on all transactions made after 4/9/12. 9
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00 10

6. Important Changes to Your Account Terms
Must be notified of any significant changes at least 45 days before the changes take effect
Any changes can only apply to new charges
Account can be closed before the changes go into effect
Andrew’s Credit Card Statement
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30 2
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 3 1 4
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232 5 6
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions. 7
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89 8
Other than implementation of the Penalty APR, will there be any other changes to Andrew’s account terms? 9
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00
Yes, his APR for Purchases is increasing to 16.99%. 10

7. Transactions Fees and Interest Charged
Andrew’s Credit Card Statement
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30 2
Transactions
List of all transactions since the last statement
Should be reviewed for errors
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example… 3 1 4
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232 5 6
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions.
Fees and Interest Charged
Fees and interest charges must be listed separately 7
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89 8
Did Andrew pay a late fee?
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27 9
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27
Yes, he paid $35.00 for a late fee.
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00 10

8. Year-to-Date Totals Interest Charge Calculation
Total amount paid in fees and interest charges for the current year
Andrew’s Credit Card Statement
Summary of Account Activity
Previous Balance
535.07
Payments
Purchases
Balance Transfers
Cash Advances
Past Due Amount
+0.00
Fees Charged
+69.45
Interest Charged
+10.89
New Balance
$1,784.53
Credit Limit
$2,000.00
Available credit
$215.47
Statement closing date
3/22/2012
Days in billing cycle 30 2
Payment Information
New Balance $
Minimum Payment Due
$53.00
Payment Due Date
4/20/12
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%
Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example…
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89 3 1 4
If you make no additional charges using this card and each month you pay…
You will pay off the balance shown on this statement in about…
And you will end up paying an estimated total of…
Only the minimum payment
10 years
$3,284
$62
3 years
$2,232
What is the total amount of interest Andrew has paid in the year 2012? 5 6
Notice of Changes to Your Interest Rates
You have triggered the Penalty APR of 28.99%. This change will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.
Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.
Important Changes to Your Account Terms
The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:
Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.
Transactions made before 4/9/12: Current APRs will continue to apply to these transactions.
$18.27 7
Transactions
Reference Number
Trans Date
Post Date
Description of Transaction or Credit
Amount
XXXX1
2/22
2/23
Store #1
$529.57
XXXX2
2/25
2/26
Payment $
XXXX3
Cash Advance
$318.00
XXXX4
3/15
3/17
Balance Transfer
$785.00
Fees
XXXX5
Late Fee
$35.00
XXXX6
2/27
Balance Transfer Fee
$23.55
XXXX7
2/28
Cash Advance Fee
$10.90
Total Fees for this Period
$69.45
Interest Charged
Interest Charge on Purchases
$6.31
Interest Charge on Cash Advances
$4.58
Total Interest for this Period
$10.89
Interest Charge Calculation
Summary of the different types of transactions
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27 8 9
2012 Totals Year-to-Date
Total fees charged in 2012
$90.14
Total interest charged in 2012
$18.27
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00
Why is it important to understand how to read a credit card statement?
Interest Charge Calculation
Type of Balance
Annual Percentage Rate (APR)
Balance Subject to Interest Rate
Interest Charge
Purchases
14.99%
$512.14
$6.31
Cash Advances
21.99%
$253.50
$4.58
Balance Transfers
0.00%
$637.50
$0.00 10

9. Cardholder Protections & Rights
Truth in Lending Act
Protects from unauthorized credit card charges
If the actual credit card was used
If only the card number was used
Cardholder liability is limited to $50.00
Cardholder has no liability
MUST write a letter within 60 days of the bill containing the error

10. Cardholder Protections & Rights
2009 CARD Act
Provides various protections for cardholders
If you are under 21
Obtain a co-signer
Show proof of sufficient income to make payments
Must be 21 years or older to receive a credit card
A co-signer is equally responsible for the loan

11. Cardholder Protections & Rights
2009 CARD Act- protection from increasing interest rates
Cannot increase rates for the first 12 months after an account is open unless:
Card has a variable interest rate
Cardholder is more than 60 days late in paying their bill
Card has an introductory rate (the introductory rate must be in place for at least 6 months and then the rate can increase)
Interest rates on existing balances generally can’t be raised unless a cardholder is 60 days or more past due

12. Cardholder Protections & Rights
2009 CARD Act- protection from over-the-limit fees
Cardholders have to “opt-in” to allowing transactions that take them over their credit limit
If set-up and maintenance fees are charged before the card is used
These non-penalty fees cannot exceed 25% of the initial credit limit
For example, if a card has a credit limit of $1,000 the total fees for the first year (not including penalty fees) cannot exceed $250

13. Cardholder Protection & Rights
Fair Credit Billing Act
Protects from broken, undelivered, unsatisfied purchases made with credit cards
Allows the consumer to not pay for a product or service for which the consumer has a complaint
Any amount of money above the $50.00 fee that consumers are responsible for will be issued back

14. Credit Card Safety Tips
Do not leave cards lying around, and report lost/stolen cards promptly
Close unwanted accounts by writing and phone then cut up the card
Sign card with a signature and “Please see I.D.”
Do not give out account numbers unless making a purchase
Shred all pre-approved credit card offers, applications, or solicitations
Keep a list of all cards, account numbers, and phone lists separate from cards

15. Online Shopping Safety Tips
1. Use a temporary credit card number
This is a one-time use only number
A set amount will be charged to your credit card
Then a number will be given to you to do your shopping
2. Use a credit card rather than a debit card