Credit Cards Consumer Math A Case for Cards

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Credit Cards Consumer Math

Credit Cards Consumer Math

A Case for Cards O One of the fastest and most concrete ways to

A Case for Cards O One of the fastest and most concrete ways to improve Credit Score O Free Short Term Loan O Credit card companies often offer bonuses and points for use O If paid off at the end of every month, they can work for you!

The Dark Side O Interest Rates are sneaky dangerous O Assuming 14% interest and

The Dark Side O Interest Rates are sneaky dangerous O Assuming 14% interest and 4% min payment Instead of paying off a $10, 000 sofa for 13 years, if you’d invested the same amount and earned 8%, it would’ve turned into about $27, 000!

The Dark Side O Interest Rates O Late Fees O Convenient

The Dark Side O Interest Rates O Late Fees O Convenient

Getting a New Card O NOT the ones in the mail O Out of

Getting a New Card O NOT the ones in the mail O Out of every thousand students who are mailed offers, 150 accept them, an astonishingly high number. O Secured Credit Card O Without income; Through the bank O Compare Cards Online O Bankrate. com

Getting a New Card O Avoid Cash-back rewards O Often less valuable than flights,

Getting a New Card O Avoid Cash-back rewards O Often less valuable than flights, etc. O Rewards are important O Find one that gives you something valuable O If you don’t travel don’t earn flights O Don’t go crazy O Between 2 -3 cards; Take it slow

The 6 Commandments 1. Pay it off quickly O Do NOT make a late

The 6 Commandments 1. Pay it off quickly O Do NOT make a late payment O Payment history is 35% of credit score

The 6 Commandments 2. Get all Fees Waived O Call and ask to have

The 6 Commandments 2. Get all Fees Waived O Call and ask to have the fee waived O Be persistent O Have the attitude that it will be waived

The 6 Commandments Negotiate a lower APR 3. O 4. Should not matter if

The 6 Commandments Negotiate a lower APR 3. O 4. Should not matter if payments are made Keep your credit card active O Use it once every three months O History improves credit score Get more Credit 6. Use your rewards 5.

Things to Avoid O Avoid Closing Costs O Manage Debt to avoid damaging Credit

Things to Avoid O Avoid Closing Costs O Manage Debt to avoid damaging Credit Score O Think ahead before closing accounts O More credit is better when applying for loans O Don’t play the “ 0% Transfer” game O Don’t get suckered by “Apply Now” O Avoid paying for the group and pocketing the cash

Paying It Off

Paying It Off

References O https: //s 3. amazonaws. com/earn 1 k/bonus/I -Will-Teach-You-To-Be-Rich_Chapter 1. pdf O Resources:

References O https: //s 3. amazonaws. com/earn 1 k/bonus/I -Will-Teach-You-To-Be-Rich_Chapter 1. pdf O Resources: O Bankrate. com O Dinkytown. net

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