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Hi, I attended a workshop about credit and I pasted the following topics that have been discussed. I need a reflection summary of it.
It’s easy to get a credit card. Managing a credit card well is not as easy.
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- Understand that any time you use a credit card, you are borrowing money.If you don’t pay off your balance each month, interest will be added to the total amount you owe.
- Think before getting your first credit card. Think very carefully before you decide to get your first credit card. Do you really need a credit card or would another option work just as well? Some other options to think about:
- Getting a debit card which is connected to your checking or savings account rather than borrowing money for each transaction.
- Consider sharing a card with your parents and asking them to help you stay on track.
- Waiting. Just put off the decision for six months or a year and see how well you might do without a credit card.
- Choose wisely. When selecting a credit card, you should shop around for the best deal. Compare different cards based on your own situation. Look for the following:
- A low annual percentage rate (APR). The lower the rate, the less interest you have to pay. Watch for low introductory rates that are raised after a year or less.
- The interest calculation method. This affects how much interest you pay, even when the APR on two different cards is identical.
- Low or no annual fees. If the issuer charges an annual fee, ask them to waive it.
- All other charges (i.e., late payment fees, transaction fees, over the limit fees, etc.) These can really add to the total cost of your charges.
- A grace period. Some credit cards charge interest from the day that the charges appear on your account. Other cards offer a grace period for you to pay off your balance before interest charges begin to accrue.
- The credit limit. Keep your credit limit low (think about $500 or less), to make sure you don’t get in over your head.
- Wide acceptance. A major credit card is convenient and easier to manage.
- Services and features, such as cash rebates, frequent flyer miles, extended warranties, etc. Think carefully about the true cost of these programs when you consider interest and other charges.