credit cards
how much does the average household have in credit card debt?
$16,000 credit card debt
what does "Late fee" mean?
fee charged if you are late with a payment
what are there many of when having a credit card?
fees and penalties
what is the average number of credit cards held by card holders?
four
what is a credit card not a source of?
free money
when you have credit cards, what is it easy to do?
getting caught up in the excitement of spending with credit unions
what are three advantages if you have a credit card?
lost or stolen safeguards, purchase protection, perks and rewards
what type of credit card should you shop for?
lowest interest rates and fees
if credit cards are used responsibly what can they become?
useful tool and provide consumers some protections
what does a high interest rate mean for the card holder?
very expensive to borrow money, which you are doing when you have a balance on your credit card
are the interest rates normally high or low for credit cards?
very high
what is a "foreign transaction fee?"
when you buy something in a foreign country and is about 2% of the purchase n
with a credit card, what is the bank allowing you to do?
you are allowed to borrow the banks money each time you make a purchase
what happens if your credit card is lost or stolen and someone makes a purchase?
you are protected
what should you not buy, when you have a credit buy?
you don't already have the money. if you can't pay your credit card back immediately then don't make the purchase
shortly, after you open a credit card what often occurs?
you get multiple offers to open other credit cards
what happens of the card holder goes over their credit card limit?
you will be charged an over- the- limit fee
how much is the average annual fee for a credit card?
$75
what are two requirements needed to obtain a credit card?
18 or older, must have a job
what does a credit card represent?
a line of credit
what is a credit line?
a set amount of money that you are allowed to borrow
what does APR mean?
annual percentage rate
before you know it, what could easily happen with credit cards?
buried deep into credit card debt
why are credit cards being used more often than in the past?
convenient, safer to carry than cash, and allow people to buy things that they can't afford
what should you keep track of?
credit card balance
is obtaining a credit card easy or difficult?
easy, but it doesn't mean its a good idea to get one
what can a credit card allow you to track?
expenses
what does "purchase protection" for a credit provide?
insurance on a card holders purchase
when obtaining a credit card, what should you avoid?
interest rates/ other fees
what is the main cause of serious credit card debt?
irresponsible spending hours
is it wise to get a cash advance with a credit card? why or why not?
no, its too expensive
how many credit cards should you have?
one
when are credit card perks and reward programs worth it?
only if you pay off your credit card balance each month
if you use a credit card responsibly what can it help you establish and build?
positive credit for the first time
what can credit cards do to your financial health?
serious jeopardy