2.  The majority of Canadian have at least one, and possibly multiple credit cards.

3.  Credit cards originated in the USA in the 1920s.  Individual companies offered them to people making purchases from those businesses.  Their use increased dramatically after WWII.  First universal credit card established in 1950.

4.  Major source of identification.  Convenient

5.  Sign your card – as soon as your receive it.  Enter your PIN in such a way that no one can easily memorize it.  Don’t leave your receipts behind  personal information on them may be taken.  Always shred credit card statements before recycling.

6.  Avoid giving your credit card number over the phone.  Ensure you get your card back after you make a purchase.  Write “See ID” on the back of your card. This will trigger the merchant to ask for your ID.

7.  Annual Fee – a flat, yearly charge  Many companies offer “no annual fee” cards.  Some cards with fees will also come with benefits.  Grace Period – a time period, usually about 25 days, in which you can pay off your balance with out interest.

8.  Annual Percentage Rate (APR) – the yearly rate of the finance charge.  Fixed Rate – does not change  Variable Rate – prime rate (which varies) plus added percentage.  Introductory Rate – a temporary, lower APR that usually lasts for about six months before converting to the normal fixed or variable rate.

9.  Visa and MasterCard offer revolving credit.  They allow you to carry a balance, on which they charge interest.  They require you to make a minimum payment.  The minimum payment is usually 5% of your current balance.

10.  High-rate card – 23.99%  You spend $1000.  You make only the minimum payments, starting at $51.  You will make 77 payments, and will have paid $573.59  Low-rate card – 9.9%  You spend $1000.  You make only the minimum payments, starting at $50.41  You will make 17 fewer payments, and will have paid only $176 in interest.

11.  Good Payment Record  Pay bills on time  Late payments can hurt your chances, or raise your interest rate.