This document provides an overview of how credit cards work and important terms and concepts related to using credit cards. Some key points covered include:
- Credit cards allow you to borrow money from the card issuer to make purchases and pay them back later, with interest charged if not paid in full.
- Annual Percentage Rate (APR) is the interest rate charged on balances, typically calculated monthly. Higher APR means more interest paid over time.
- Important terms in credit card agreements include grace periods, minimum payments, fees, and differences in APR for purchases vs cash advances.
- Maintaining good credit by paying on time is important for future loans and credit limits, while late payments can negatively
Credit cards seem convenient but often lead to excessive debt. While they allow purchasing items without immediate payment, users may end up incurring huge interest fees by only making minimum payments. Multiple cards can further exacerbate debt issues. Studies show credit card debt reduces household spending growth. Banks and card companies benefit most from user interest payments and fees. Debit cards provide a suitable alternative for transactions without the risks of credit cards.
This document provides 101 tips for legally improving your credit score. It begins with explaining the basics of credit scores, credit reports, and how they are calculated. Some of the most important tips for boosting your credit score include paying all bills on time, avoiding excessive debt, and keeping credit card balances low. The document then provides additional tips organized in sections on maintaining good credit, dealing with credit report and score issues, improving habits, and developing a strategy for credit repair.
This document discusses steps for rebuilding one's finances after declaring bankruptcy. It recommends checking credit reports for accuracy, rebuilding credit history with a secured credit card, and establishing an emergency fund. If given the chance to re-age past-due accounts, one should document any agreement in writing and commit to making on-time payments going forward to take full advantage of the fresh start. Re-aging can wipe out late payments but the individual still owes the full balance and must demonstrate renewed ability and willingness to repay debts.
Understanding debt consolidation maria arruaMaria A. Arrua
The document provides information about debt consolidation, including defining debt consolidation as combining multiple loans and debts into a single loan with one monthly payment at a potentially lower interest rate. It outlines some advantages, such as saving on interest payments and protecting credit ratings, and disadvantages, such as still being responsible for the total consolidated debt. It also describes different options for consolidating debts, such as debt consolidation loans, debt management programs, and debt negotiation.
Kim Soderberg and Gibraltar Mortgage share first time homebuyer's tips and a guide to obtaining your first home. Step by step overview of the homebuying process.
This document provides a 10 step guide to improving business cash flow. The steps include knowing your customers, conducting credit checks, improving payment terms, invoicing promptly, offering early payment discounts, and establishing an effective credit control system. It emphasizes the importance of clearly communicating your terms and conditions to customers and chasing overdue payments in a firm but polite manner. Implementing these relatively simple steps can significantly improve a business's cash flow and reduce the risk of non-payment.
Credit cards seem convenient but often lead to excessive debt. While they allow purchasing items without immediate payment, users may end up incurring huge interest fees by only making minimum payments. Multiple cards can further exacerbate debt issues. Studies show credit card debt reduces household spending growth. Banks and card companies benefit most from user interest payments and fees. Debit cards provide a suitable alternative for transactions without the risks of credit cards.
This document provides 101 tips for legally improving your credit score. It begins with explaining the basics of credit scores, credit reports, and how they are calculated. Some of the most important tips for boosting your credit score include paying all bills on time, avoiding excessive debt, and keeping credit card balances low. The document then provides additional tips organized in sections on maintaining good credit, dealing with credit report and score issues, improving habits, and developing a strategy for credit repair.
This document discusses steps for rebuilding one's finances after declaring bankruptcy. It recommends checking credit reports for accuracy, rebuilding credit history with a secured credit card, and establishing an emergency fund. If given the chance to re-age past-due accounts, one should document any agreement in writing and commit to making on-time payments going forward to take full advantage of the fresh start. Re-aging can wipe out late payments but the individual still owes the full balance and must demonstrate renewed ability and willingness to repay debts.
Understanding debt consolidation maria arruaMaria A. Arrua
The document provides information about debt consolidation, including defining debt consolidation as combining multiple loans and debts into a single loan with one monthly payment at a potentially lower interest rate. It outlines some advantages, such as saving on interest payments and protecting credit ratings, and disadvantages, such as still being responsible for the total consolidated debt. It also describes different options for consolidating debts, such as debt consolidation loans, debt management programs, and debt negotiation.
Kim Soderberg and Gibraltar Mortgage share first time homebuyer's tips and a guide to obtaining your first home. Step by step overview of the homebuying process.
This document provides a 10 step guide to improving business cash flow. The steps include knowing your customers, conducting credit checks, improving payment terms, invoicing promptly, offering early payment discounts, and establishing an effective credit control system. It emphasizes the importance of clearly communicating your terms and conditions to customers and chasing overdue payments in a firm but polite manner. Implementing these relatively simple steps can significantly improve a business's cash flow and reduce the risk of non-payment.
Your Questions About Is It Easy To Make Money In The Stock Marketstevewinston68
You put money in a bank for safekeeping and to make using your money easier through checking accounts. However, banks are now allowed to take customer funds and invest them in the stock market, which some see as "gambling". While it is possible to double an investment in a month by investing in the right stock, accurately predicting stock price movements is very difficult. Day trading options can also provide large profits but involves significant risk, as options values can change rapidly. Making a living through short-term trading requires skills that usually take years of experience to develop proficiently.
This document outlines 9 mistakes to avoid when applying for a mortgage loan to purchase a home. These include: 1) quitting your job or changing employment, 2) changing banks or bank accounts, 3) buying expensive items that increase debt, 4) making late credit card payments, 5) having large unexplained deposits, 6) using only cash for earnest money deposits, 7) co-signing loans for others, 8) inquiring about new lines of credit, and 9) exaggerating financial details on the loan application. The document provides explanations for why each is problematic and tips for avoiding issues with the lender.
This document is a guide to understanding credit published by Quicken Loans. It provides information on key topics related to credit scores and reports, including what determines credit scores, how to interpret credit scores, and 10 ways to improve a credit score over time. The guide advises paying bills on time, keeping credit card balances low, checking credit reports for inaccuracies, paying off debt rather than moving it around, and developing a plan to consistently manage finances responsibly to see an improvement in credit scores within 6 months.
Rooms To Go credit card is a great option for consumers who do not essentially have the funds to buy furniture, but if they are given the option to pay over the course of time, they will be able to do so easily.
Private lending involves making loans to individuals or businesses without going through a bank. It can provide higher returns than other investments like CDs or mutual funds. The process involves deciding on a loan amount and interest rate, putting the agreement in writing, transferring funds, and having the borrower make payments. Using an equity participation component allows the lender to receive a percentage of future business profits in addition to the interest on the loan. This can significantly increase potential returns. The document recommends a company called Virgin Money that assists with paperwork and loan servicing to make the private lending process simpler.
1) The document provides an introduction to various banking concepts and terms. It explains what a bank is and how it acts as an intermediary between savers and borrowers.
2) It describes how people start banks by applying for charters and raising capital. It also gives a brief history of how banking began with merchants borrowing from wealthy individuals.
3) When customers deposit money, the specific bills and coins are mixed together and the bank uses most of the deposited funds to issue loans while maintaining required reserves.
If you are facing difficulties with nasty loan cycles and wish to get proficient loan & debt solutions, contact ‘Payday Loan Debt Solution’. We help you negotiate a loan settlement through highly affordable loan solutions. For assistance, contact ‘Payday Loan Debt Solution’ today.
If you have not already, it likely won't be long until you run into life circumstances where somebody requests to see your credit. From buying a cellular phone to obtaining a home mortgage, credit report reports and ratings are utilized by services to calculate your credit reliability and establish your loaning terms.
Website - https://whatcomcreditrestoration.com
Get your credit to work for you instead of against you. This credit card FAQ and guide aims to help you understand the inner workings and technical aspects of credit card policies and credit card debt. Get the best card rates and deals by applying these tips.
This document provides an introduction to managing personal finances, including proper use of debit cards, credit cards, and understanding the true costs of carrying credit card balances over time. It advises tracking all purchases and payments, paying credit cards in full each month to avoid interest charges, and only making purchases if you have the cash to pay for them. Examples are given showing how small minimum payments on balances can result in paying much more over time in interest. The goal is to educate youth on developing healthy money habits.
The document discusses the author's distrust of financial institutions and banks, seeing them as greedy entities that manipulate ordinary people and rely on hiding behind fancy offices. The author notes that banks continue to raise fees and rates with no end in sight, while the government that is supposed to protect citizens is in bed with these banks. The author aims to help readers get out of debt and stay out of debt through a common sense approach focusing on spending less than one earns.
This document discusses various options for business credit and financing for companies with bad credit, including:
1. Secured vs unsecured business credit cards, explaining the differences and when each may be preferable.
2. Options for small business loans despite bad credit, including secured loans which use collateral and unsecured loans which do not but have higher interest rates.
3. The benefits of business credit cards, including tracking expenses, flexibility, and building business credibility. It advises comparing card offers and rewards.
cover reverse mortgages simple steps to the right choice-4 copyScott Funk
This document provides an introduction and overview to the book "Reverse Mortgages? Simple Steps to the Right Choice" by J Scott Funk. The book aims to help readers understand reverse mortgages and determine if it is the right financial choice for their situation. It covers topics like who should be involved in the decision, what a reverse mortgage is, and why someone would or would not want a reverse mortgage. The author provides their expertise on reverse mortgages based on over a decade of experience working with clients.
A few answers to frequently asked questions on debt collection from a debtor standpoint.
For more information on commercial debt collection services, go to www.brownandjoseph.com.
Payday loans, while criticized for their high interest rates, can provide a useful service for people without better credit options. They allow people to borrow small amounts of money for a short period of time to deal with unexpected expenses. While they are not the best financial option, for some people without access to traditional loans or credit cards, payday loans may be one of the only ways to access funds quickly. As with any type of borrowing, payday loans require responsible use to avoid falling into debt. Overall, payday loans provide a valuable service for some consumers, even if they are not the most affordable credit product.
This document discusses financial literacy and debt from a Christian perspective. It warns that families can be destroyed by a lack of financial knowledge and debt. It provides tips for managing credit cards responsibly, such as only charging what you can pay off monthly to avoid interest, fees, and damage to your credit score. It also cautions against refinancing credit card or other unsecured debt onto your home, as this exposes your otherwise protected home equity to creditors.
Love in business? What an absurd, even uncomfortable idea. Business and love are quite separate. Obviously.
But what, after all, is ‘love’? Passion, regard, affection, enjoyment, zest, understanding and compassion? Are these not exactly the attributes we complain are lacking from our businesses?
And the antonyms of ‘love? Resentment, scorn, malice, antagonism, lack of alignment, fear. You don’t need to look far to see these in almost any large organisation in the world.
Perhaps love in business is not such an embarrassment. Far less an irrelevance. But, if so, what does this really mean and how to achieve it?
We thought we'd find out by bringing together leaders from some of the largest companies on the planet with entrepreneurs, advisors, academics and philosophers for an honest debate.
This is what was said.
The document contains contact information for the executive board members of the PPCHS Photography Club. It lists the president, vice president, secretary, and treasurer along with their phone numbers. It also provides details about upcoming club meetings, including bi-monthly photography competitions and presentations/critiques of members' photos. Information is given on different types of cameras, various camera settings, and photo editing/sharing websites. Basic photography tips are provided at the end such as the importance of framing, using different angles, and keeping subjects interesting.
The poem is an ode to the author's pen, describing how it tailors his thoughts into language through sentences of varying parts of speech. However, the pen eventually becomes hoarse and fades as it sputters incoherent words until it perishes blankly and is discarded with other used pens.
This document discusses risk and expected rate of return in investments. It defines risk as the level of uncertainty associated with an expected outcome like rate of return. Investors prefer lower risk for a given expected return. There is a tradeoff between risk and return, with more aggressive investors willing to take on higher risk for higher return. Infrastructure projects generally have large investments, long timelines, low returns but high risk. Risk in investments can be measured by variance and is a key factor in financial decisions.
Your Questions About Is It Easy To Make Money In The Stock Marketstevewinston68
You put money in a bank for safekeeping and to make using your money easier through checking accounts. However, banks are now allowed to take customer funds and invest them in the stock market, which some see as "gambling". While it is possible to double an investment in a month by investing in the right stock, accurately predicting stock price movements is very difficult. Day trading options can also provide large profits but involves significant risk, as options values can change rapidly. Making a living through short-term trading requires skills that usually take years of experience to develop proficiently.
This document outlines 9 mistakes to avoid when applying for a mortgage loan to purchase a home. These include: 1) quitting your job or changing employment, 2) changing banks or bank accounts, 3) buying expensive items that increase debt, 4) making late credit card payments, 5) having large unexplained deposits, 6) using only cash for earnest money deposits, 7) co-signing loans for others, 8) inquiring about new lines of credit, and 9) exaggerating financial details on the loan application. The document provides explanations for why each is problematic and tips for avoiding issues with the lender.
This document is a guide to understanding credit published by Quicken Loans. It provides information on key topics related to credit scores and reports, including what determines credit scores, how to interpret credit scores, and 10 ways to improve a credit score over time. The guide advises paying bills on time, keeping credit card balances low, checking credit reports for inaccuracies, paying off debt rather than moving it around, and developing a plan to consistently manage finances responsibly to see an improvement in credit scores within 6 months.
Rooms To Go credit card is a great option for consumers who do not essentially have the funds to buy furniture, but if they are given the option to pay over the course of time, they will be able to do so easily.
Private lending involves making loans to individuals or businesses without going through a bank. It can provide higher returns than other investments like CDs or mutual funds. The process involves deciding on a loan amount and interest rate, putting the agreement in writing, transferring funds, and having the borrower make payments. Using an equity participation component allows the lender to receive a percentage of future business profits in addition to the interest on the loan. This can significantly increase potential returns. The document recommends a company called Virgin Money that assists with paperwork and loan servicing to make the private lending process simpler.
1) The document provides an introduction to various banking concepts and terms. It explains what a bank is and how it acts as an intermediary between savers and borrowers.
2) It describes how people start banks by applying for charters and raising capital. It also gives a brief history of how banking began with merchants borrowing from wealthy individuals.
3) When customers deposit money, the specific bills and coins are mixed together and the bank uses most of the deposited funds to issue loans while maintaining required reserves.
If you are facing difficulties with nasty loan cycles and wish to get proficient loan & debt solutions, contact ‘Payday Loan Debt Solution’. We help you negotiate a loan settlement through highly affordable loan solutions. For assistance, contact ‘Payday Loan Debt Solution’ today.
If you have not already, it likely won't be long until you run into life circumstances where somebody requests to see your credit. From buying a cellular phone to obtaining a home mortgage, credit report reports and ratings are utilized by services to calculate your credit reliability and establish your loaning terms.
Website - https://whatcomcreditrestoration.com
Get your credit to work for you instead of against you. This credit card FAQ and guide aims to help you understand the inner workings and technical aspects of credit card policies and credit card debt. Get the best card rates and deals by applying these tips.
This document provides an introduction to managing personal finances, including proper use of debit cards, credit cards, and understanding the true costs of carrying credit card balances over time. It advises tracking all purchases and payments, paying credit cards in full each month to avoid interest charges, and only making purchases if you have the cash to pay for them. Examples are given showing how small minimum payments on balances can result in paying much more over time in interest. The goal is to educate youth on developing healthy money habits.
The document discusses the author's distrust of financial institutions and banks, seeing them as greedy entities that manipulate ordinary people and rely on hiding behind fancy offices. The author notes that banks continue to raise fees and rates with no end in sight, while the government that is supposed to protect citizens is in bed with these banks. The author aims to help readers get out of debt and stay out of debt through a common sense approach focusing on spending less than one earns.
This document discusses various options for business credit and financing for companies with bad credit, including:
1. Secured vs unsecured business credit cards, explaining the differences and when each may be preferable.
2. Options for small business loans despite bad credit, including secured loans which use collateral and unsecured loans which do not but have higher interest rates.
3. The benefits of business credit cards, including tracking expenses, flexibility, and building business credibility. It advises comparing card offers and rewards.
cover reverse mortgages simple steps to the right choice-4 copyScott Funk
This document provides an introduction and overview to the book "Reverse Mortgages? Simple Steps to the Right Choice" by J Scott Funk. The book aims to help readers understand reverse mortgages and determine if it is the right financial choice for their situation. It covers topics like who should be involved in the decision, what a reverse mortgage is, and why someone would or would not want a reverse mortgage. The author provides their expertise on reverse mortgages based on over a decade of experience working with clients.
A few answers to frequently asked questions on debt collection from a debtor standpoint.
For more information on commercial debt collection services, go to www.brownandjoseph.com.
Payday loans, while criticized for their high interest rates, can provide a useful service for people without better credit options. They allow people to borrow small amounts of money for a short period of time to deal with unexpected expenses. While they are not the best financial option, for some people without access to traditional loans or credit cards, payday loans may be one of the only ways to access funds quickly. As with any type of borrowing, payday loans require responsible use to avoid falling into debt. Overall, payday loans provide a valuable service for some consumers, even if they are not the most affordable credit product.
This document discusses financial literacy and debt from a Christian perspective. It warns that families can be destroyed by a lack of financial knowledge and debt. It provides tips for managing credit cards responsibly, such as only charging what you can pay off monthly to avoid interest, fees, and damage to your credit score. It also cautions against refinancing credit card or other unsecured debt onto your home, as this exposes your otherwise protected home equity to creditors.
Love in business? What an absurd, even uncomfortable idea. Business and love are quite separate. Obviously.
But what, after all, is ‘love’? Passion, regard, affection, enjoyment, zest, understanding and compassion? Are these not exactly the attributes we complain are lacking from our businesses?
And the antonyms of ‘love? Resentment, scorn, malice, antagonism, lack of alignment, fear. You don’t need to look far to see these in almost any large organisation in the world.
Perhaps love in business is not such an embarrassment. Far less an irrelevance. But, if so, what does this really mean and how to achieve it?
We thought we'd find out by bringing together leaders from some of the largest companies on the planet with entrepreneurs, advisors, academics and philosophers for an honest debate.
This is what was said.
The document contains contact information for the executive board members of the PPCHS Photography Club. It lists the president, vice president, secretary, and treasurer along with their phone numbers. It also provides details about upcoming club meetings, including bi-monthly photography competitions and presentations/critiques of members' photos. Information is given on different types of cameras, various camera settings, and photo editing/sharing websites. Basic photography tips are provided at the end such as the importance of framing, using different angles, and keeping subjects interesting.
The poem is an ode to the author's pen, describing how it tailors his thoughts into language through sentences of varying parts of speech. However, the pen eventually becomes hoarse and fades as it sputters incoherent words until it perishes blankly and is discarded with other used pens.
This document discusses risk and expected rate of return in investments. It defines risk as the level of uncertainty associated with an expected outcome like rate of return. Investors prefer lower risk for a given expected return. There is a tradeoff between risk and return, with more aggressive investors willing to take on higher risk for higher return. Infrastructure projects generally have large investments, long timelines, low returns but high risk. Risk in investments can be measured by variance and is a key factor in financial decisions.
The document describes several of the designer's projects including designing plates by sandblasting thrift store china, creating glass vases and bowls through a glass manufacturing apprenticeship, designing ceramic products for Peruvian artisans using patterns from tire tracks, designing cord weights to prevent phone charger cords from falling onto the floor, designing neon-bent glass sculptures to represent Las Vegas, and designing jewelry for a Peruvian artisan inspired by Incan armor graphics.
The document discusses the importance of summarization and outlines three key points. It states that summarization is a useful skill for understanding large amounts of information quickly. Summarization requires identifying the most important elements of a document and conveying them concisely without losing the overall meaning or context. The ability to summarize allows readers to get the gist of longer documents and reports in a fraction of the time it would take to read in full.
O torneio de dominó será disputado em duas fases (semifinal e final) nos dias 4 e 15 de maio. As regras incluem 4 jogadores por mesa, 28 pedras cada, e vence quem ficar com menos pontos ao final ou "bater" primeiro. Os critérios de classificação são número de vitórias, saldo de pontos, e sorteio em caso de empate.
Exchange is the primary data store and means of communication for all levels within the organization. The ability to audit and report in detail Exchange change events that take place on a daily basis helps maintain security and sustain compliance. Implementing an effective auditing strategy for MS Exchange is a necessity to secure and maintain this critical business asset. This whitepaper outlines not only the reasons for having an Exchange auditing procedure in place but also those must-have qualities of any successful MS Exchange auditing effort.
When working as a solo developer, you have freedom to work however you want. However, on a professional development team, there are structured processes to promote collaboration and consistency. Teams use source control systems to manage shared codebases. Code reviews allow for quality assurance and ensuring consistency in implementation. Coding conventions also standardize code style across the team. Different roles like business analysts, project managers, architects, programmers and testers work together towards a shared goal. Understanding these team processes prepares new developers for professional collaboration.
This document provides instructions for proper waste disposal and recycling by listing various bins and categories for different materials, including separate bins for cardboard, plastic, paper, glass, and compost. It also encourages reusing items like carrier bags and paper as well as conserving energy by turning off lights and lowering heating.
Design for humans not robots, with WordPressTammieLister
This document discusses designing websites for humans rather than robots. It emphasizes making websites personal and filling needs rather than taking a formulaic approach. The document provides three steps for designing for humans: make it personal by avoiding stock images and jargon; fill a need by solving problems identified in Maslow's hierarchy of needs; and create emotional responses through customization, humor, and addressing users like individuals rather than corporations. It acknowledges the need to avoid taking personalization too far and gives WordPress-specific examples and actions site owners can take to apply these principles to both new and existing sites.
There are three key points summarized from the document:
1. The document discusses entrepreneurship and how it involves undertaking opportunities and fulfilling needs through innovation. It also discusses how Americans have a strong culture of entrepreneurship where people are willing to take risks to create their own futures.
2. While many people start small businesses with dreams of freedom and wealth, over 80% of small businesses fail within the first five years due to issues like lack of commitment, misunderstanding the market, or not hiring the right people.
3. Successful entrepreneurs find niches, do proper research, build strong teams, get good timing, and learn how to effectively communicate, adapt, and sell in order to make their businesses grow and
Lenaramdas@gmail.com and 347-658-9148 are provided as contact information.
The document is a draft sell-sheet from Scholastic promoting their new Netflix show, The Day My Butt Went Psycho. It includes artwork and descriptions of the show.
The second half of the document is a draft of Scholastic's Word Girl bi-monthly newsletter from May 2015. It includes activities, questions, and information about the Word Girl TV show and encourages learning new vocabulary.
This document discusses mapping villages in Palestine and related initiatives. It describes how mapping projects like OpenStreetMap and Ushahidi are being used to document human rights crises and map unrecognized villages. Challenges include geolocating some villages and consolidating place name and coordinate databases between organizations. The presentation encourages supporting Palestinian mapping efforts and sharing map data to help preserve villages and mobilize support.
The document describes the process of creating a magazine front cover and contents page in Photoshop. It explains how the author duplicated the background layer, selected a theme color using the bucket tool, inserted pictures and text using the lasso tool, and ensured consistency of fonts and colors between pages. The final result had matching design elements and drew attention to the masthead and main image. The author also learned how to use Photoshop tools and the importance of consistency in magazine design.
The document contains various ordered pairs, vector expressions, and statements about vectors between two points A and B where the coordinates of A and B are given. It also includes the words "I'm an ordered pair!" and various repetitions of the vector and point information.
El documento describe 5 modelos de estado comunes para procesos en sistemas operativos. Estos modelos incluyen el de 2 estados (no ejecutar, ejecutar), el de 3 estados (listo, ejecutar, bloqueado), el de 5 estados (nuevo, listo, ejecutar, terminado, bloqueado) y modelos más complejos de 6 y 7 estados que incluyen estados adicionales como suspendido. Los estados describen el ciclo de vida típico de un proceso a medida que pasa por diferentes fases
Crash analysis using 3 different ways including Point Tracking, accelerometers and analytical method, and understanding the crash concept. also error accounting.
This document provides an overview and index of topics related to credit cards and building credit. It discusses secured credit cards, credit references, credit reference agencies, credit repair companies, and tactics for completing credit applications. It also covers how credit applications are scored, what factors influence credit scoring, and a checklist of items that can affect credit scoring decisions. The overall document aims to help readers understand how to obtain credit cards and build a positive credit history.
The document outlines six common mistakes people make when applying for a mortgage: 1) forgetting to check your credit score beforehand, 2) withholding any personal or financial information from loan documents, 3) making large deposits into your bank account right before applying, 4) not getting pre-approved for a loan amount, 5) not shopping around for the best mortgage deal, and 6) changing jobs during the application process. The document provides tips to avoid each mistake such as checking your credit early, being fully transparent, maintaining consistent bank deposits, getting pre-approved, comparing multiple lender offers, and waiting to change jobs until after closing.
Things To Look For When You Find Credit Cards For Bad Creditpaully58
There are several factors to consider when choosing a credit card if you have bad credit. You should look for cards that 1) do not require a credit check, 2) have reasonable interest rates capped at 25%, and 3) have no hidden fees. It is also beneficial to get a card that reports payments to credit agencies, has flexible payment schedules, and allows credit limits to increase with on-time payments over time to help rebuild your credit score.
This document provides a basic overview of credit cards and credit. It discusses that a credit card is a loan based on a person's credit history and character. For those without credit history, income can be used to qualify for a first credit card. Credit cards differ from debit cards in that credit cards provide revolving credit with a monthly balance, while debit cards deduct funds immediately from a linked bank account. The document outlines factors that can help qualify for a credit card like good credit and a job, and explains how credit reports track payment history to determine credit scores. It warns that only paying minimum payments on credit cards can result in paying significantly more in interest over time due to compounding.
Credit cards can be useful financial tools when used responsibly but also carry risks. Paying with a credit card means the cardholder will be billed for purchases by the credit card company and is expected to pay the balance back. Using a credit card responsibly to make purchases and pay statements in full each month can help establish a positive credit history. However, only charging what can be paid back risks accruing expensive interest charges that make the total cost much higher if balances are not paid off each month.
A Few White Sneaky Ways To Repair Your Credit Historywellirene
The document provides tips for repairing damaged credit scores and bad credit. It recommends paying bills on time, closing credit accounts gradually, monitoring your credit report, negotiating with creditors to remove negative items, and utilizing tools on the FTC website to dispute inaccuracies. It emphasizes that repairing credit takes time, patience and avoiding companies that promise quick fixes. Maintaining good financial habits like paying obligations on time and adding positive information to credit reports can help in credit repair.
The document discusses common credit mistakes and their impacts on credit scores. The top mistakes include closing credit card accounts, missing payments, settling accounts for less than owed, over utilizing available credit, excessively applying for new credit, and not understanding that different scores are used. Closing accounts removes positive payment history and lowers credit utilization ratios. Missing payments, settling for deficiencies, and over utilization all negatively impact scores based on severity, frequency, and recency. Frequent credit applications result in multiple inquiries which lower scores. Different lenders use various scoring models to assess risk.
The ultimate cheat sheet on all about payday loansFaaastCash
This document provides information about payday loans in California and tips for applying for payday loans. It discusses California laws regulating payday lenders and loans, how payday loans can help build credit when repaid on time, common situations where payday loans are useful, and tips for choosing a trustworthy payday lender such as checking if they are a member of the Online Lenders Association.
HyperSuggest is a keyword tool that delivers thousands of keywords and ideas from 9 different networks like Google, Amazon, eBay, Instagram, etc. in seconds.
This document provides information about credit, including what credit is, the history and types of credit, advantages and disadvantages of using credit, and the costs associated with misusing credit. It discusses credit cards, installment loans, revolving credit, and other types of credit. It also summarizes how to establish good credit, maintain a good credit rating, and the financial consequences of debt. The document aims to educate readers on credit and help them make informed financial decisions.
1. The document discusses credit scores and how they can affect your ability to get jobs, loans, and credit. It explains that credit scores are based on factors like payment history, credit utilization, length of credit history, and credit inquiries.
2. It provides tips for maintaining a good credit score such as making on-time payments, keeping credit card balances low relative to credit limits, avoiding too many credit applications, and maintaining a stable address and employment history.
3. The document warns against using certain credit repair or debt settlement companies that make false promises or charge excessive fees.
The document provides information on credit and money management. It discusses understanding credit reports and credit scores, different types of credit cards and fees, calculating debt-to-income ratios, establishing good credit, and repairing credit. Tips are provided such as paying bills on time, keeping credit card balances low, and ordering free annual credit reports to monitor your financial health and credit standing.
This document is a guide to understanding corporate credit and how to get business funding. It discusses what credit is, the importance of credit for businesses, and how to prepare a business to get corporate credit. The key steps are to incorporate the business, get an EIN and DUNS number, open business bank accounts, create a professional website, list the business phone number, ensure accurate contact information across platforms, get vendor credit, and maintain good personal credit. Following these steps makes a business appear more attractive to lenders.
Projection mapping uses projectors to display interactive 3D maps and instructions on surfaces, allowing navigation of unfamiliar places and demonstration of how to make or assemble objects by creating an overlaid virtual map. The document asks what some original uses for projection mapping could be.
Jargon is an online and in-person platform for teaching professional public speaking skills using unique meeting places, a social network, and a mobile application. It was founded by Nathan Sukonik to provide a more personalized and technologically advanced public speaking experience than existing options like Toastmasters, targeting upwardly mobile immigrants. Jargon offers membership plans including online access to tutorials and videos or in-person coaching, and its elevator pitch app allows members to get feedback on pitches and win prizes.
Campus Gurus aims to provide computer repair and web design services to university students and faculty. They will target major universities initially due to the large customer base and the founders' familiarity with that market. The company's services include computer, hardware, and software repair for Macs and PCs, as well as website development. The founders each have relevant experience and skills. Campus Gurus analyzes competitors and provides financial projections showing profitability. Their future plans include expanding services nationally and eventually globally to become an international brand.
Bidthreads.com is a startup that combines elements of auction sites, fashion sites, and membership sites. It will allow users to bid on designer accessories and clothing using bid packages of 74 cents per bid. Revenue will come from bid sales, item sales, and optional membership fees. The founders aim to attract a primarily young, fashion-conscious audience and hope to break even within 3 months before achieving steady profits within 6 months to a year. Critical success factors include popularity of online bidding, desirable brand name items, a creative t-shirt branch, and expanding to new fashion markets.
Anikea is a proposed holographic device that would provide step-by-step visual instructions for assembling IKEA furniture without the need for a manual. It is intended to help IKEA customers who find the included paper manuals frustrating to use or understand. The device would generate a hologram to visually demonstrate the assembly process.
StartUpSeed aims to connect people with business and tech skills to exciting startup ideas in New York. It will be a job and personality matching site where startups and job seekers can connect personally. The business model involves flat management and assisting with multiple revenue streams. The value proposition is providing a central location for startups and potential employees to meet, collaborate, and help ventures grow through organic connections.
Jargon LLC is a startup company founded by Nathan Sukonik that provides public speaking training and mentorship through bimonthly meetings and an online social network. It aims to serve immigrants and others seeking help with public speaking skills. Jargon's training is personalized and focuses on mentoring relationships between students and professional speakers. The company plans to launch an online database and social network called Jargon.com to share speech resources and connect members. Jargon sees an opportunity to better serve its target market compared to competitors like Toastmasters which it feels is outdated. It will market directly to potential members by leveraging personal and professional connections to demonstrate the value of Jargon's training services.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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2. CONTENTS
[ 1 ] . Why we wrote this book ..................................................................... 3
[2 ] . Why having good credit matters ......................................................... 9
[ 3 ]. The toughest nut to crack: What’s APR? ............................................. 15
[4 ] . The basics: What you need to know to use your card wisely ................ 21
[ 5 ] . Rules of the road: What happens when ................................................ 29
[ 6 ] . Smart things to do ............................................................................... 35
[ 7] . How do credit card companies make money? ....................................... 39
[ 8 ] . A few words about Discover® Card ....................................................... 43
3. Trouble is, choosing a credit card
is like choosing ice cream. It all looks good.
4. Why we wrote this book.
Because credit cards are way too confusing these days—
and Discover ® Card wants to make them easier.
When you really stop to think about it, you have to admit, credit cards are still one
of the world’s coolest inventions.
To purchase something you want, all you have to do is carry this small card around,
hand it over to people, sign your name on a little piece of paper, and then walk away with
a couple of new CDs, a leather jacket, or a stomach full of deep dish pizza, whatever.
It’s enormously convenient. It’s safer than cash. It helps you build a strong credit
[ 3]
5. history. And it’s very helpful—particularly when it comes to more significant purchases
that you need but can’t quite afford in one big payment: a sofa, a bed, a new clutch. The
freedom to buy these things now, and then pay them off later, is, well, a pretty
remarkable thing.
However, what’s not so remarkable is getting the bill and not truly understanding
what you’re looking at—that is, where the finance charge came from, what happened to
that nice introductory rate, or what could happen if you don’t pay right away.
Of course, these things were never especially easy to understand. But today, given the
vast number of credit cards, each with their own way of doing things, it’s even tougher
than before.
If you were to compare the umpteen number of credit card offers you get in the mail,
[4]
6. you’ll find about as many rules and regulations as you do cards to choose from. And, to
confuse you even more, these rates and rules can change based on everything from the
world economy to whether or not you pay your bills on time.
So, while we can’t wave a magic wand and instantaneously simplify our whole
industry we can, at the very least, take the initiative to explain credit card rules more
simply—which is what gave us the idea for this little book.
Just in case you’re worried, we’re not doing this to fill you in on every little detail of
how credit cards work.
We’re doing this to make sure you’ve got the bare-bones knowledge you need both
to ask the right questions when you’re choosing a card, and to understand the rules when
you’re using a card—any card.
[5]
7. The point is, credit cards are so much a part of our lives, so convenient for small
purchases and so helpful when it comes to larger purchases, that we don’t always
appreciate their power.
They are also one of the most potent tools around for building a strong credit history.
That’s why we all just have to be careful not to abuse them. Too much of a good thing is
bad for anybody.
So, sit yourself down, grab a beverage, and prepare to get smart.
[6 ]
8. WHAT DO LENDERS
LOOK FOR?
x How much you earn
versus how much it
costs you to live.
x What loans you
already have or had.
x If you pay your bills
on time.
One of these days, you might want to buy something really big.
9. Why having good credit m atters.
Because it’s the best way to prove to lenders you’re trustworthy.
If you’ve already purchased a car or a house, then you probably know the power of a
good credit report and the perils of a bad one. It’s just uncanny how many basic details
of your credit history can fit onto one 8-1/2 x 11 sheet of paper.
And you probably find it annoying that the bank that’s thinking about giving you a
home loan would insist you write a letter explaining why you never paid the $32.56 bill
you owed (Was it shoes or underwear?) on that department store card you must have lost
and forgotten about. Besides, how did the bank find this out?
[9]
10. The bank found out because they asked the credit bureaus. The bureaus know because
they’ve been keeping a record of your credit habits ever since you started buying things on
credit. Whenever you apply for a loan to buy anything big—a house, a car, a boat, a piece
of furniture—the bureaus report back what they’ve recorded over the years, which is: How
responsibly you pay your bills over time—mortgages, credit cards, car loans, and so forth.
In fact, the credit bureaus have even developed a nifty rating system to give potential
creditors a picture at a glance of just how creditworthy you are. But before you get fussy
about being rated, think of the rating system this way: You’re born onto this earth with
no credit history at all. Nothing. Zip. Nada. So, the only one who can make it good, or
really screw it up, is you. (Sorry. We had to point that out.)
It gets good when you’re good—when lenders extend you credit and you pay them
[10]
11. back on time. This is actually where having a credit card comes in handy—to help build
that good credit history. Because here’s an interesting twist: If you have no history, you
have no rating—which means you could conceivably get a poor credit rating, simply
because there’s nothing to report. There’s nothing bad on your report, but there’s also
nothing good, so lenders have no criteria on which to base a decision.
A good credit report is sort of like having a 4.0 GPA. Everybody trusts you. A bad
one is like getting a few Fs on an otherwise reasonably good transcript. People can’t help
but wonder. And just like a bad grade, such a transgression sticks with you for a long
time. Once it’s done, it’s done.
There is a logic to the process, you know. Not knowing you personally (that is,
whether you’re a budding Nobel laureate or a committed slacker), the only way a
[11]
12. financial institution can know you is to look at your past.
They surmise (and reasonably so) that if you manage to pay your small bills on time,
you’ll make the same effort to pay your big bills on time. On the other hand, if you don’t
pay the small ones, well, it just doesn’t bode well for the big ones.
The good news? All you have to do to win the credit game is pay your bills on time—
if you can’t pay the entire bill, pay at least the minimum payment. Pretty easy really.
(And besides, you don’t want to be explaining to your friends that you didn’t get your
home loan because you ran off with some store’s underwear a few years ago, now do you?)
So what happens if you get a blemish on your credit record? If you’re denied credit
by a lender or a merchant based on a bad report they received on you, you’re entitled to
a free copy of that report. Don’t panic yet. Wait till you see the report. There could be an
[12 ]
13. error. It’s happened before. And if there is an error, it’s correctable. You just have to
contact the credit bureau and work with them to get it right. Or, if you’re just curious,
you can order a copy for, yep, you guessed it, a small fee (although in some states it’s free).
Credit bureaus have to send the report to you within 30 days. That’s the law.
The three largest credit bureaus:
Experian Trans Union Equifax
P.O. Box 2106 P.O. Box 390 P.O. Box 740241
Allen, TX 75013-2106 Springfield, PA 19064 Atlanta, GA 30374-0241
800-422-4879 or 800-916-8800 800-685-1111
800-682-7654 Transunion.com Equifax.com
Experian.com
[13]
14. What seems simple can get really complicated—
like hitting a ball with a stick, or calculating APR.
15. The toughest nut to crack: What’s APR?
To all the financial wizards out there,
go walk the dog or eat a pizza. This is going to take a minute.
Hey, if it was so simple, everybody would already understand it, right? Let’s start
with the basics:
In the simplest of terms, a credit card is a loan. You’re the borrower, the credit card
issuer is the lender. When you buy something, the credit card issuer pays the store or
whomever on your behalf, and then sends you a bill around the same time each month.
Essentially, you have borrowed money from the credit card issuer. And even though
[15]
16. you’re usually given a little time (called a grace period) to pay this money back before
they start charging you interest, you will eventually have to pay the issuer something if you
don’t pay them back immediately; that is, if you carry a balance.
That something is called a finance charge—a small amount you pay for what is, as we
said, borrowing money. The amount you’re charged is determined by a pre-set percentage
rate—called APR, or Annual Percentage Rate. Here’s how it works.
Say the APR on your credit card is 18%. Typically, credit cards calculate that rate on
either a daily or monthly basis—which means pretty much what it says. The daily rate
is calculated on your daily balance and the monthly rate on your balance at the end of the
month. Either way, it means you pay a small fee for borrowing the money.
For example, say you charge $750 for a new computer. A few weeks later, you get your
[16]
17. bill and you go, nah, I’ll just pay the minimum, because now I need a printer. This is
when the finance charge kicks in, and if your card works on a monthly basis, you’re
charged 1-1/2% interest on $750, less the minimum payment.
Where did the 1-1/2% come from? That’s 18% divided by 12, as in 12 months. (In
other words, 18 divided by 12 equals 1.5.)
Next month when you get your bill, assuming you made your minimum payment of
say, $15 (and kept your card in your wallet and didn’t buy a bunch of computer games to
run on your computer), $12 pays the interest and $3 reduces the $750 down to $747—which
doesn’t seem like much progress, and it’s not. In fact, this is where APR can get tricky.
If you only make the minimum payment each month, most of your money goes
toward paying off the finance charge—the amount you’re being charged on the money
[17]
18. you’ve effectively borrowed to buy the computer. So, if you borrow the money for a long
time, you would end up paying far more for the computer than you originally intended.
This is why people care about APR. And this is why it’s far more responsible—not
to mention just smart business—to pay not only the minimum payment but as much as
you can.
[18]
20. The basics: What you need to know
to use your card wisely.
Everything you need to know, but didn’t know to ask.
First, what’s all that stuff in the fine print? Do I really have to read it? Well, as it
turns out, there’s a whole bunch of stuff in fine print—some of which you really need to
read. Some of it explains the nitty gritty details of how your bill is calculated, some of it
spells out what happens if you don’t pay on time, and some of it goes through legal
requirements—a lot of which is designed to protect you.
To help simplify things, on the following pages we’ve put together a list of the key
[21]
21. attributes that make up the terms of credit cards. Hopefully, this will help you sort
through the fine print and evaluate your options.
1. What kind of APR am I being charged?
Variable Rate: Like it says, your rate varies—based on big financial indexes such as the
Prime Rate offered by our nation’s largest banks (or even stranger indexes such as LIBOR).
This means, of course, that your rate can travel up or down each month, depending on
whatever happens to be influencing the domestic or even the world economy.
Fixed rate: Your rate is fixed, meaning you’re given a precise number, say 12.9% or
14.9% or whatever, that the credit card issuer will stick to each month, no matter what
[22]
22. changes may occur in the world economy or the big financial indexes. Card issuers can
still change this rate, but they’re required by law to tell you first and give you the option
of saying “No!” and canceling your card. Be aware, however, that some cards may appear
to have “fixed rates,” yet when you read the fine print, you find that these fixed rates will
automatically increase if you make late payments.
2. What can make APR more complicated?
Promotional or introductory rates: Many cards start with low introductory rates that
eventually move to a higher rate. Make certain you know when the higher rate kicks in
and how much it is.
[ 23]
23. Different APRs for different transactions: For example, a cash advance is usually
charged at a higher rate and the finance charge starts immediately. The logic? The credit
card issuer is giving you cash right there on the spot, which, from where they sit, is
riskier, so they charge you for it.
Risk pricing: If you’re late a certain number of times, you may be charged a higher rate.
The logic is, poor payers are far more likely to default on a loan. To avoid having to charge
good customers higher rates to compensate for the bad behavior of a few, the credit card
issuer simply charges the less dependable customers the higher interest. Seems fair, don’t
you think?
[24]
24. 3. Is there any rule of thumb about fees?
Here’s the deal: Most credit card issuers charge fees if customers violate the terms of
their agreement. Essentially, they encourage good financial behavior by penalizing bad
behavior. This is why they may charge you for things like: “late payment,” “returned
checks,” or for charging “over your credit limit.”
4. What are the rules for cash advances?
x First, virtually all issuers charge a fee or a set percentage when you take a cash advance.
x There’s usually a different and lower limit to how much cash you can draw compared
to how much you can charge on your card.
x There’s usually a different and possibly higher APR for cash advances than for purchases.
[25]
25. 5. What is a “grace period,” or a “free period”?
x A grace period is the precious period of time between when you make a purchase and
when your payment is considered due. By law, credit card issuers must mail your
statement at least 14 days before the due date to give you time to pay.
x A grace period means that if you pay your balance on time and in full, you’ll never pay
any finance charges (except, of course, for a cash advance, which may accrue interest
immediately). Sort of like a free loan.
x If, however, you have carried a balance over from the prior month, you will not enjoy
a grace period.
x Be warned, not all credit cards have a grace period.
[ 26]
26. 6. How is my “minimum payment due” calculated?
Your minimum payment due is determined by your credit card issuer, but it typically
runs at about 2% to 3% of your balance. If you miss a payment, you’ll have to pay the
minimum due for every month missed before you get back into the lender’s good graces.
[27]
28. Rules of the road: What happens when.
Here it is in plain English—the good, the bad, and the ugly.
You pay on time: All kinds of good things transpire, not the least of which is you don’t
have to carry that nagging little morsel of guilt around with you. If you pay at least the
minimum payment on time, you’ll probably get a good credit rating—very helpful when
buying a car or house, applying for a new card, and in life in general. In time, you’ll
probably even get a higher credit limit, because you’ve proven yourself worthy and people
trust you. It’s nice to be worthy.
[29]
29. You’re late: One time isn’t so bad—except that, in our experience, bad habits grow like
a fungus. And beware! Being even as little as 30 days late can, yuk, affect your credit
rating. The best strategy to follow: If you are late once, be sure to pay up as soon as
possible. Most credit card issuers will be understanding if you catch up fast. But, they’ll
still charge you a fee.
You’re really, really late: The credit card issuer gets nervous. Look at it this way: You
loan your friend $250, which he or she promises to pay back in a couple of weeks. Then
he or she doesn’t, and then doesn’t some more, and then won’t even return your phone
calls. Credit card critics will tell you this is just the behavior credit card issuers relish,
because they get to charge you interest. But the truth is, credit card issuers prefer you to
[30]
30. pay. All issuers charge interest, sure, but there’s a huge difference between using your card
and abusing your card—something which isn’t good for anybody. All things being equal,
it’s best if you pay.
You mess up: You get so in debt, you can’t even make the minimum payment. Please.
Don’t just stick your head in the sand. Call the credit card issuer. If you don’t pay,
eventually they’ll suspend your charging privileges. And then if you still don’t pay—
geez, this is too painful to talk about—they’ll turn you over to their collection
department, who will report you to the credit bureaus who, in turn, will record your
transgression and here’s the worst of it, communicate your misstep to future lenders.
(Let’s just not go there.)
[31]
31. You lose your card: Not a problem, or at least not a big one. Just call the credit card
issuer. If you call them right away, most won’t hold you liable for any fraudulent charges.
If it’s after use, some cards hold you liable for up to $50.
Somebody steals it: Ditto the above.
You get charged for something you didn’t buy: Either call the credit card company or
let them know in writing (that’s what most issuers require) within 60 days of receiving
your statement. Do all the normal stuff like include your name, account number, a
description of the item, the amount, the date of the transaction, and why you disagree.
You can even withhold payment on the disputed amount while they sort out the
[32]
32. confusion, and they won’t charge you any interest if the dispute is settled in your favor.
You send too much money: Unless you instruct otherwise, the credit card issuer will
just apply a credit to your account. If you want the money back, they’ll gladly send it,
provided it’s more than a dollar, as in, worth the postage. You should get your refund
within seven days after the issuer receives your request. That’s the law. And if the credit
stays on your account more than six months, the issuer has to send you a check. That’s
also the law.
[ 33]
34. Smart things to do.
We’re not trying to be your mother, just give you a little free advice.
x Make sure you understand the terms of your credit card—the APR, the fees, all the
stuff we’ve been talking about. (Sorry, you do need to read the fine print.)
x Don’t be leaving your receipts on the restaurant table or throwing them in an open
trash bin. Hold onto them in case there’s a scoundrel lurking around who’s into fraud
or there’s something on your statement you don’t recall.
[35]
35. x Pay your bills when you get them to avoid late fees.
x Keep a file (in a safe place) of all account numbers, expiration dates, and phone
numbers so you can call the credit card issuer the minute you lose your card.
x Be vigilant. Check your statement each month to make sure the purchases are all yours.
In other words, make certain there’s nothing on it that belongs to some other card holder.
x Don’t be rattling your account number off over the phone to callers you’re not familiar
with, and as for the Web, make sure the site uses a secure server.
[ 36]
36. x Check out student credit cards. It’s actually a very good idea for students to have their
own credit cards in their own names. Student cards tend to have lower credit lines,
which helps young people learn to use cards in a more controlled setting and, at the
same time, start building their own credit histories.
x And above all, if you do charge too much and get in over your head, don’t go into
denial. Call the people you owe money and tell them you’re in a bind. Most will be glad
(or at least willing) to work out an arrangement. Then, stop charging stuff, consolidate
your debt (one tidy number is better than a bunch of little ones), and consider
counseling (give it a chance, you might meet somebody as wild and free as yourself).
[37]
37. How do credit card companies
make money?
To understand this, you have to understand the industry.
And we’re sorry about that, because the American credit card industry is, well, it’s a
little tough to explain. But hold on, we’re going to do it.
First, you’ve got the credit card companies, such as Discover Card, Visa, MasterCard,
American Express, which are generally referred to as “networks.” Then you’ve got the
banks that issue these cards, referred to as “issuers.”
But, as you may know already, Discover Card and American Express are a different
[39]
38. kind of network. While Visa and MasterCard are associated with hundreds of member
banks around the country which issue their own unique versions of these cards, Discover
and American Express currently operate through their own bank—so they are both
network and issuer all rolled into one. Big difference.
However, putting who owns what aside for a minute, when you talk about credit card
companies, you’re still talking about two things: networks (the credit card company) and
issuers (the financial arm, or the bank that carries the loan).
The issuers charge cardholders interest on their purchases and cash transactions. Some
issuers also charge you an annual fee just for the privilege of carrying their card. And all
issuers pick from a range of potential fees—for cash advances, late payment, and so forth.
Credit card companies also make some money from the merchant side. When you use
[40]
39. your card at a store, for example, they charge that store a fee for each credit card sale. This
money goes to the network, the issuer, and others in between.
MasterCard and Visa also make money by charging the banks who issue their cards
an “association fee”—that is, a fee to be “associated” with them.
Did you get all that? Hey, you could drop these tidbits at a cocktail party and look
financially suave.
[ 41]
41. A few words about Discover Card.
You may not have noticed yet,
but we’re not like other credit card companies.
We’re not trying to make a big pitch for the Discover Card—that would certainly
spoil the point of this book, which is written to be a simple and objective tool.
But, we do want to tell you a few things about us that you may not know and might
not easily find out—then you can judge for yourself whether these things matter to you
or not.
Try this little experiment: At your next party, whenever you sense a lull, instruct all
[43]
42. your friends to pull out their wallets and fork over the nation’s four major cards—
Discover Card, Visa, MasterCard, and American Express. Now, lay those cards face up on
the table, tell everybody to pay attention, and ask the question: Which one doesn’t fit in?
We wager your friends will pick Discover Card every time. We also wager that not
one of them will have a clue as to why. Now, you might think that being viewed as
“different” from the other guys would bother us. But actually that’s the part we like.
Mind if we tell you why? It’ll only take a second.
First, we’re younger than the other guys—13 years is young by credit card standards.
By the time we entered this business, our competitors were already entrenched, so we had
to do a few things differently just to get into the game. Our claim to fame is that we
became the first major card not to charge an annual fee and the first to pay you for using
[44]
43. our card—a practice we invented called “Cashback Bonus® Award.”
Over time our competitors have adopted bits and pieces of these practices but there’s
still one characteristic that we think distinguishes our way of doing business, and it’s one
we touched on earlier on page 40.
Unlike our two biggest competitors, who operate through hundreds of different
lenders or “issuers” in far flung places all over the country, we are essentially both—
network and issuer—all in one. Visa and MasterCard are a consortium of thousands of
banks. We’re one bank. One company.
Our home is Chicago. We have U.S. customer service centers in Salt Lake City,
Phoenix, and Wilmington (Delaware). That’s it. That’s us.
Being all-in-one like this, it’s second nature for us to think, work, and act as a single
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44. unit—which means we can very easily solve complex problems, commit to fixed rates,
resolve disputes over the phone, send friendly e-mail reminders when you get near your
credit limit (if you want us to), and basically do all sorts of things that make using our
card, at least, a more straightforward and pleasant experience.
There. That’s all we wanted you to know.
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46. Enjoy.
We hope this little book enlightened you a bit. If you have any additional questions—
and you want to talk to somebody about them—feel free to call us at 1-800 -Discover.
Or check us out on the Web at discovercard.com.
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