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Created with Fabric.js 1.4.5 Credit Card Options Different types of Credit Cards Why do people use these services? The dangers of Credit Cards C.3 Handout *Low interest rate*High Interest rate*Pre-paid credit cards*Reward credit cards*Student credit cards *Want to purchase something they cannot afford in the moment*Want a safety net for unexpected emergencies*Not fully aware of how a credit card works*Online shopping*Unaware of high interest rates*Want to earn points for spending money*Sales person convinced them*Easy to get and use *Interest rates can be very high*People can continue to use the card even when they do not pay their monthly payment*People are able to withdraw cash, which adds an additional fee and increases the interest rate*It is easy to get a high limit credit card*Not making the monthly payment hasan immediate impact on your credit ratingand can have a long lasting impact on yourcredit score Know what you are signing up for!!! Reading the credit card contract is a very important step to owning a credit card. Some credit cards say they have a 0% interest rate, but when you read the contract it states that 0% interest rate only applies for the first 6 months. If you think you will make a lotof cash withdrawals from the credit card, you will wantto see the interest rate for cash withdrawals as it is usually higher than the interest rate for the credit card. what people look at when you want to rent an apartment, sign up for a phone contract or apply for student loans. A poor credit score can take years to repair!! Credit Score?? How does a credit card work? Each month the credit company will tell you how much your minimum payment will be. This is the amount that needs to be paid to continue to havea good credit score. This amount will be smaller the less you have spent and larger the more you have spent. They also charge you interest on how much money you have spent on the credit card.
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