7.02 d fefe_credit_card_ppt

Credit Card

Understanding a Credit Card

“Take Charge of Your Finances” Advanced Level

Credit Card

© Family Economics & Financial Education – Updated May 2011 – Credit Unit – Understanding a Credit Card – Slide 2Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Credit Card

1.4.1.G1

What is Credit?

Credit- when goods, services or money is

received in exchange for a promise to pay a

definite sum of money at a future date

Credit is derived from the Latin word “credo”

meaning “I believe”

Why would a person want to use credit?Why would a person want to use credit?

Credit Card


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1.4.1.G1

Obtaining Credit

Borrower is in need of credit

Borrower requests to receive credit

from a lender

Lender determines whether to grant the

borrower credit based on perceived

creditworthiness

Why would a lender assess a borrower’s creditworthiness before granting credit?Why would a lender assess a borrower’s creditworthiness before granting credit?

Borrower- person or organization that is

receiving the money

Lender- person or organization who has the resources to provide the

borrower money

Creditworthiness- an individual’s ability and willingness to pay the

money back

Credit Card


Credit Card

1.4.1.G1

Paying Back Credit

If approved, the borrower will

receive money from the lender

Why would a lender charge a borrower interest?

Why would a lender charge a borrower interest?

Borrower is usually expected to pay interest in

addition to the money borrowed

Borrower pays money back

Interest - the price of money

Credit Card


Credit Card

1.4.1.G1

Different Forms of Credit

How are these forms of credit different?How are these forms of credit different?

VS.

Closed-end Credit Open-end Credit

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Credit Card

1.4.1.G1

Closed-end vs. Open-end Credit

Closed-end credit Open-end (revolving) credit

Definition

Purpose of loan (what is purchased)

A one-time loan Credit extended in advance

Specified in application

May be used for a variety of purposes

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1.4.1.G1

Closed-end vs. Open-end Credit

Closed-end credit Open-end credit

Payments

Loan Amount

Examples

Specified number of equal payments

Varies- can be paid in one payment or a series

of equal or unequal payments

Agreed upon during the application

process

May be increased

Mortgage, automobile,

education loansCredit cards

Credit Card


Credit Card

1.4.1.G1

What is a Credit Card?

Pre-approved credit which can be used for the purchase of goods and services now and payment of them later

Credit limit varies based upon the cardholder’s perceived creditworthiness

May continue to borrow as long as the credit limit (maximum dollar amount loaned) is not exceeded

Buy Now, Pay Later

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1.4.1.G1

Credit Card Interest

Interest is charged each month the balance is not paid in full

The cost of credit expressed as a yearly interest rate

Rate at which interest is charged is referred to as:

Annual Percentage Rate (APR)

Credit Card


Credit Card

1.4.1.G1

Minimum Payments

• Required to make at least a minimum payment each month– Usually only a small percentage (2.5-5%) of the

total balance due

Credit Card


Credit Card

1.4.1.G1

Minimum Payments

Payment Made

~ Time to pay off card

~ Total amount of

interest paid

~ Total amount paid

Full Payment

Partial PaymentMinimum Payment

To prepare for her first semester of college, Miranda purchased a new computer for $1000 and textbooks for $500, spending a total of $1500 on her credit card charging 15% APR. How much would

Miranda pay in interest if she makes the minimum payment?

$1500 1 month $0 $1500

$135 1 year $125 $1625

$30 11 years $1413 $2913

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Credit Card

1.4.1.G1

Advantages & Disadvantages to Using Credit Cards

• Convenient payment tool• Useful for emergencies• Often required to hold a

reservation• Able to purchase “big ticket”

items and spread out payments

• Protection against fraud• Opportunity to establish a

positive credit history• Online shopping is safer than

using a debit card• Possibility of receiving bonuses

• Interest can be costly when a balance is revolved

• Additional penalty fees may apply

• Tempting to overspend• Risk of identity theft• Responsible for lost/stolen

cards• Applying for multiple accounts

in a short period of time can lower your credit score

Credit Card


Credit Card

1.4.1.G1

What is a Debit Card?

• Plastic card which looks like a credit card but is electronically connected to the cardholder’s bank account

• Money is immediately withdrawn from the cardholders checking account

What is the difference between a credit card and a debit card?

What is the difference between a credit card and a debit card?

Credit Card


Credit Card

1.4.1.G1

Creditworthiness

Credit card approval depends on

borrower’s perceived creditworthiness

Creditworthiness is determined by a credit report and/or credit score

How a person uses a credit card affects

their creditworthiness

Credit Card


Credit Card

1.4.1.G1

Credit History

Credit ReportA record of a consumer’s credit history that includes information about credit card use as well as the use of other types of credit

A number that summarizes an individual’s credit record and history; a numeric “grade” of a consumer’s financial reliability

Credit Score

Credit cards can have a positive or negative impact on an individual’s credit history

Credit Card


Credit Card

1.4.1.G1

Positive Credit Card Use

Proper credit card use

Helps develop positive credit

history and credit report

Earn a high credit score

A high credit score gives the opportunity to have lower interest rates on loans, the privilege to use different forms of credit,

and an easier approval process for future credit

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Credit Card

1.4.1.G1

Positive Credit Card Use

• Examples of positive credit card behaviors:– Paying credit card balances in full every month– Paying credit card bills on time – Applying for only credit cards that are needed– Keeping track of all charges by keeping receipts

and using a check register– Checking the monthly credit card statement for

errors

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1.4.1.G1

Negative Credit Card Use

Consumers with low credit scores have difficulty getting loans, difficulty renting apartments, pay higher interest

rates, pay higher insurance rates, and have difficulty obtaining a job

Improper credit card

use

Develops negative

credit history and credit

report

Lower credit score

Credit Card


Credit Card

1.4.1.G1

Negative CreditCard Use

• Examples of negative credit card behaviors:– Making late credit card payments– Paying only the minimum payment– Exceeding the card’s credit limit (usually triggers a

penalty fee)– Charging items that can’t be paid off immediately– Owning too many credit cards

Credit Card


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1.4.1.G1

NO Credit

• If an individual has not used credit, they will not have any information in their credit report

• Not having a credit report can cause an individual to be denied credit

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1.4.1.G1

Credit Card Offers

Credit card issuers are required to disclose the terms and fees of credit cards in an easy to read box format

Called the Schumer Box

Must direct to the Federal Reserve website (http://www.federalreserve.gov/creditcard/) to obtain more

information about credit cards

http://www.federalreserve.gov/creditcard/

Credit CardInterest Rates and Interest Charges

Annual Percentage Rate (APR) for Purchases

12.99%, 13.99% or 14.99%, introductory APR for one year, based on your creditworthiness.After that, your APR will be 14.99%. This is a variable-rate APR that will vary with the market based on the Prime Rate.

APR for Balance Transfers

15.99%This APR will vary with the market based on the Prime Rate

APR for Cash Advances


Penalty APR and When it Applies

28.99%This APR may be applied to your account if you:1.Make a late payment;2.Go over your credit limit;3.Make a payment that is returned; or4.Do any of the above on another account that you have with us.How long will the Penalty APR apply? If your APR’s are increased for any of these reasons, the Penalty APR will apply until you make six consecutive minimum payments when due.

How to Avoid Paying Interest on Purchases

Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month.

Minimum Interest Charge

If you are charged interest, the charge will be no less than $1.50.

For Credit Card Tips from the Federal Reserve Board

To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard

FeesSet-up and Maintenance Fees

NOTICE: Some of these set-up and maintenance fees will be assessed before you begin using your card and will reduce the amount of credit you initially have available. For example, if you are assigned the minimum credit limit of $250, initial available credit will be only about $209.Annual Fee: $20Account Set-up Fee: $20 (one-time fee)Participation Fee: $12 annually ($1 per month)Additional Card Fee: $5 annually (if applicable)

Transaction Fees Balance Transfer: Either $5 or 3% of the amount of each transfer, whichever is greater (maximum fee: $100)

Cash Advance: Either $5 or 3% of the amount of each cash advance, whichever is greater

Foreign Transaction: 2% of each transaction in U.S. dollarsPenalty Fees Late Payment: $29 if balance is less than or equal to $1000 OR $35 if balance is

more than $1000 Over-the-limit: $29 Returned Payment: $35

* How We Will Calculate Your Balance: We use a method called “average daily balance (including new purchases).”* Loss of Introductory APR- We may end your introductory APR and apply the Penalty APR if you become more than 60 days late in paying your bill

Annual Percentage Rate (APR) for Purchases

•Interest rate paid for purchases•Multiple interest rates may be listed - final interest rate may depend on creditworthiness of applicant

Credit cards may charge many different types of

interest rates

Interest Rates and Interest ChargesAnnual Percentage Rate (APR) for Purchases





















What is the APR for Purchases for this credit card offer?

14.99%Is this a variable-rate APR

or a fixed-rate APR?

Variable-rate APR

Fixed vs. Variable-rate APR•Fixed-rate APR- cannot change during the period of time outlined in a credit card agreement

•Variable-rate APR- may change depending on other factors (such as economic conditions)






















What is the introductory rate for this credit card offer?The introductory rate

depends on the creditworthiness of the applicant, but it will be

12.99%, 13.99%, or 14.99%

Introductory Rate•Introductory rate- APR that may be charged after a credit card is opened•Will have a different APR (usually higher) after the introductory period ends•Not all credit cards have an introductory rate

Watch out for “Teaser rates”- designed to get you to apply, then rates increase, review other features before applying






















APR for Balance Transfers & Cash Advances

•Balance transfer - act of transferring debt from one credit card to another

•Cash advance includes withdrawing cash from an ATM using a credit card

•Balance transfer and cash advance fees may also apply (even if the APR is 0%)






















What is the Penalty APR for this credit card offer?

28.99%


Discloses the penalty APR and the penalty terms that trigger

it to take effect

•Penalty APR - interest rate charged on new transactions if the penalty terms in the contract are triggered

Credit Card






















How To Avoid Paying Interest on Purchases

•Explains how you can avoid interest charges by paying credit card bills in full every month

Minimum Interest Charge•Typically range from $0.50 to $2 per month






















Set-up and Maintenance Fees

•Any set-up and maintenance fees for the card• Annual fee- a yearly

fee that may be charged for having a credit card

What is the annual fee for this credit card?

$20

Credit cards may charge many different types of

fees

Credit Card






















Transaction Fees•Discloses any transaction fees for the card• Balance transfer

fees• Cash advance fees• May be charged

in addition to APR






















Penalty Fees•Discloses the penalty fees for the card (in addition to Penalty APR)• Late-payment- charged

when a cardholder does not make the minimum monthly payment by the due date

• Over-the-limit-charged if the account balance goes over the set credit limit

Credit Card






















What method is used to calculate the balance on this card?Average daily balance

(including new purchases)

How we calculate your balance

•Credit card companies can use one of several methods to calculate the outstanding balance on a credit card






















Loss of Introductory APRIf the card has an

introductory rate, this area will list how the lower

introductory rate can be lost

How can the introductory APR be lost on this card?

If the cardholder is more than 60 days late in paying the bill

What APR will the cardholder be charged if the

introductory rate is lost?The Penalty APR of 28.99%

Credit Card


Credit Card

1.4.1.G1

Credit Card Chaos

Activity Directions:1.Two credit card terms will be provided2.Identify which term is true on your credit card offer3.Move to the correct side of the room indicated by the arrow on the slide

Credit Card


Credit Card

1.4.1.G1

Credit Card Chaos

Does your credit card offer have a:

Fixed-rate APR for

Purchases

Variable-rate APR for

PurchasesOR

Credit Card


Credit Card

1.4.1.G1

Credit Card Chaos

Does your credit card offer have a:

APR for Purchases

greater than or equal to 15%

APR for Purchases

less than 15%OR

Credit Card


Credit Card

1.4.1.G1

Credit Card Chaos

Does your credit card offer have an Introductory Rate?

Introductory Rate

No Introductory

RateOR

Credit Card


Credit Card

1.4.1.G1

Credit Card Chaos

Does your credit card offer have a Minimum Interest Charge?


No Minimum Interest ChargeOR

Credit Card


Credit Card

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Credit Card Chaos

Does your credit card offer have an Annual Fee?

Annual Fee

No Annual FeeOR

Credit Card


Credit Card

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Credit Card Chaos

Does your credit card offer have a Late Payment Fee?

Late Payment

Fee

No Late Payment

FeeOR

Credit Card


Credit Card

1.4.1.G1

Credit Card Chaos

Does your credit card offer have a Balance Transfer Fee?

Balance Transfer

Fee

No Balance Transfer

FeeOR

Credit Card


Credit Card

1.4.1.G1

Credit Card Benefits

• Make sure to know all terms and conditions

• May charge fees or higher interest rates

Credit Card


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1.4.1.G1

How do I obtain a credit card?

Credit card companies send pre-approved credit card applications in the mail when the individual

has passed their initial credit check

Credit Card


Credit Card

1.4.1.G1

What is a Credit Card Statement?

• Outline important information about the card• 2009 CARD Act required credit card companies

to include specific information about a card account in the statement

Andrew’s Credit Card StatementPlease help Andrew interpret his credit card statement.

Transactions

Reference Number Trans Date Post Date Description of Transaction or Credit Amount

XXXX1 2/22 2/23 Store #1 $529.57

XXXX2 2/25 2/26 Payment $450.00 -

XXXX3 2/26 2/26 Cash Advance $318.00

XXXX4 3/15 3/17 Balance Transfer $785.00

FeesXXXX5 2/23 2/23 Late Fee $35.00

XXXX6 2/27 2/27 Balance Transfer Fee $23.55

XXXX7 2/28 2/28 Cash Advance Fee $10.90

Total Fees for this Period $69.45

Interest Charged Interest Charge on Purchases $6.31

Interest Charge on Cash Advances $4.58

Total Interest for this Period $10.89

Payment InformationNew Balance $1784.53Minimum Payment Due $53.00Payment Due Date 4/20/12Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APR’s may be increased up to the Penalty rate of 28.99%Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example…

Interest Charge CalculationType of Balance Annual Percentage Rate (APR) Balance Subject to Interest Rate Interest Charge

Purchases 14.99% $512.14 $6.31Cash Advances 21.99% $253.50 $4.58Balance Transfers 0.00% $637.50 $0.00

Summary of Account ActivityPrevious Balance 535.07Payments -450.00Purchases +529.57Balance Transfers +785.00Cash Advances +318.00Past Due Amount +0.00Fees Charged +69.45Interest Charged +10.89New Balance $1,784.53 Credit Limit $2,000.00Available credit $215.47Statement closing date 3/22/2012Days in billing cycle 30

If you make no additional charges using

this card and each month you pay…

You will pay off the balance shown on this statement in about…

And you will end up paying an estimated

total of…

Only the minimum payment 10 years $3,284

$62 3 years $2,232

Notice of Changes to Your Interest RatesYou have triggered the Penalty APR of 28.99%. This change will impact your account as follows:Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.

Important Changes to Your Account TermsThe following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.Transactions made before 4/9/12: Current APRs will continue to apply to these transactions.

2012 Totals Year-to-DateTotal fees charged in 2012 $90.14Total interest charged in 2012 $18.27

Andrew’s Credit Card Statement

Summary of Account Activity

•Overview of credit card

How much did Andrew charge in new purchases during this credit

card billing cycle?$529.57

10

9

8

7

6

2

4

5

13

Summary of Account ActivityPrevious Balance 535.07Payments -450.00Purchases +529.57Balance Transfers +785.00Cash Advances +318.00Past Due Amount +0.00Fees Charged +69.45Interest Charged +10.89New Balance $1,784.53 Credit Limit $2,000.00Available credit $215.47Statement closing date 3/22/2012

Days in billing cycle 30

Transactions


XXXX1 2/22 2/23 Store #1 $529.57

XXXX2 2/25 2/26 Payment $450.00 -


















total of…


$62 3 years $2,232





10

9

8

7

6

2

4

5

13Payment Information

•Total new balance•Minimum payment amount •Date payment is due•Payment due dates must be consistent month to month •Monthly statements must be sent at least 21 days before payment is due

What is Andrew’s minimum payment due for this billing cycle?

$53.00


If you make no

additional charges using this card

and each month you pay…

You will pay off the balance shown on this statement in

about…

And you will end up paying an

estimated total of…

Only the minimum payment

10 years $3,284

$62 3 years $2,232

Transactions


XXXX1 2/22 2/23 Store #1 $529.57

XXXX2 2/25 2/26 Payment $450.00 -


















total of…


$62 3 years $2,232





10

9

8

7

6

2

4

5

13

Late Payment Warning•What will happen if a payment is late- usually additional fees and a higher interest rate

How long will it take Andrew to pay off the balance of his credit

card if he only pays the minimum payment?10 years

Minimum Payment Warning•Estimate of how long it can take to pay off balance if only the minimum payment is made


If you make no

additional charges using this card

and each month you pay…

You will pay off the balance shown on this statement in

about…

And you will end up paying an

estimated total of…

Only the minimum payment

10 years $3,284

$62 3 years $2,232

Transactions


XXXX1 2/22 2/23 Store #1 $529.57

XXXX2 2/25 2/26 Payment $450.00 -


















total of…


$62 3 years $2,232





10

9

8

7

6

2

4

5

13

Notice of Changes to Your Interest Rates

•If the Penalty APR is triggered, cardholder must be notified that their rates will be increasing

Has Andrew triggered the Penalty APR?

Yes, he will pay 28.99% on all transactions made after 4/9/12.

Notice of Changes to Your Interest RatesYou have triggered the Penalty APR of 28.99%. This change will impact your account as follows:

Transactions made on or after 4/9/12: As of 5/10/12, the Penalty APR will apply to these transactions. We may keep the APR at this level indefinitely.Transactions made before 4/9/12: Current rates will continue to apply to these transactions. If you become more than 60 days late on your account, the Penalty APR will apply to hose transactions as well.

Transactions


XXXX1 2/22 2/23 Store #1 $529.57

XXXX2 2/25 2/26 Payment $450.00 -


















total of…


$62 3 years $2,232





10

9

8

7

6

2

4

5

13

Important Changes to Your Account Terms

•Must be notified of any significant changes at least 45 days before the changes take effect•Any changes can only apply to new charges•Account can be closed before the changes go into effect

Other than implementation of the Penalty APR, will there be

any other changes to Andrew’s account terms?

Yes, his APR for Purchases is increasing to 16.99%.

Important Changes to Your Account TermsThe following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows:

Transactions made on or after 4/9/12: As of 5/10/12, APR for Purchases will increase to 16.99%.Transactions made before 4/9/12: Current APRs will continue to apply to these transactions.

Transactions


XXXX1 2/22 2/23 Store #1 $529.57

XXXX2 2/25 2/26 Payment $450.00 -


















total of…


$62 3 years $2,232





10

9

8

7

6

2

4

5

13

Transactions•List of all transactions since the last statement•Should be reviewed for errors

Fees and Interest Charged•Fees and interest charges must be listed separately

Did Andrew pay a late fee?

Yes, he paid $35.00 for a late fee.

TransactionsReference Number

Trans Date

Post Date

Description of Transaction or Credit Amount

XXXX1 2/22 2/23 Store #1 $529.57XXXX2 2/25 2/26 Payment $450.00 -XXXX3 2/26 2/26 Cash Advance $318.00XXXX4 3/15 3/17 Balance Transfer $785.00

FeesXXXX5 2/23 2/23 Late Fee $35.00XXXX6 2/27 2/27 Balance Transfer Fee $23.55XXXX7 2/28 2/28 Cash Advance Fee $10.90 Total Fees for this

Period$69.45

Interest Charged Interest Charge on

Purchases$6.31

Interest Charge on Cash Advances

$4.58

Total Interest for this Period

$10.89

2012 Totals Year-to-Date

Total fees charged in 2012 $90.14Total interest charged in 2012 $18.27

Transactions


XXXX1 2/22 2/23 Store #1 $529.57

XXXX2 2/25 2/26 Payment $450.00 -


















total of…


$62 3 years $2,232





10

9

8

7

6

2

4

5

13

Year-to-Date Totals•Total amount paid in fees and interest charges for the current year

What is the total amount of interest Andrew has paid in the

year 2012?$18.27

Interest Charge Calculation•Summary of the different types of transactions

Why is it important to understand how to read a credit

card statement?

TransactionsReference Number

Trans Date

Post Date

Description of Transaction or Credit Amount

XXXX1 2/22 2/23 Store #1 $529.57XXXX2 2/25 2/26 Payment $450.00 -XXXX3 2/26 2/26 Cash Advance $318.00XXXX4 3/15 3/17 Balance Transfer $785.00

FeesXXXX5 2/23 2/23 Late Fee $35.00XXXX6 2/27 2/27 Balance Transfer Fee $23.55XXXX7 2/28 2/28 Cash Advance Fee $10.90 Total Fees for this

Period$69.45

Interest Charged Interest Charge on

Purchases$6.31

Interest Charge on Cash Advances

$4.58

Total Interest for this Period

$10.89

2012 Totals Year-to-Date

Total fees charged in 2012 $90.14Total interest charged in 2012 $18.27

Interest Charge CalculationType of Balance

Annual Percentage Rate (APR)

Balance Subject to Interest Rate

Interest Charge

Purchases 14.99% $512.14 $6.31Cash Advances 21.99% $253.50 $4.58Balance Transfers

0.00% $637.50 $0.00

Credit Card


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1.4.1.G1

Cardholder Protections & Rights

Truth in Lending ActProtects from unauthorized credit card charges

Cardholder liability is limited to $50.00

MUST write a letter within 60 days of the bill containing the error

Cardholder has no liability

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Credit Card

1.4.1.G1


2009 CARD ActProvides various protections for

cardholders

Must be 21 years or older to receive a credit card

Obtain a co-signer

Show proof of sufficient

income to make payments

A co-signer is equally responsible for the

loan

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1.4.1.G1


2009 CARD Act- protection from increasing interest rates

Interest rates on existing balances generally can’t be raised unless a cardholder is 60 days or more past due

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2009 CARD Act- protection from over-the-limit fees

Cardholders have to “opt-in” to allowing transactions that take them over their credit limit

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1.4.1.G1

Cardholder Protection & Rights

• Allows the consumer to not pay for a product or service for which the consumer has a complaint

• Any amount of money above the $50.00 fee that consumers are responsible for will be issued back

Fair Credit Billing ActProtects from broken, undelivered, unsatisfied

purchases made with credit cards

Credit Card


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1.4.1.G1

Credit Card Safety Tips

Sign card with a signature and

“Please see I.D.”

Do not leave cards lying around, and report lost/stolen

cards promptly

Close unwanted accounts by writing and phone then cut

up the card

Do not give out account numbers unless making a

purchase

Keep a list of all cards, account numbers, and phone lists separate

from cards

Shred all pre-approved credit card offers, applications,

or solicitations

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1.4.1.G1

Online Shopping Safety Tips

1. Use a temporary credit card number– This is a one-time use only number– A set amount will be charged to your credit card– Then a number will be given to you to do your

shopping

2. Use a credit card rather than a debit card

Credit Card


Credit Card

1.4.1.G1

Summary

A credit card is pre-approved credit which can be used for the purchase of goods and services now and payment of them later

To avoid paying interest on a credit card, pay the balance in full every month

A credit card can have a positive or a negative impact on an individual’s credit

history

Credit Card


Credit Card

1.4.1.G1

Summary

Credit card companies are required to disclose the terms and fees of a credit card in the

Schumer’s box

Credit card statements outline important information about a credit card and should be

checked carefully for errors

Consumers have many protections and rights in regards to credit card use

Documents

7.02 d fefe_credit_card_ppt