All About Credit!
For Credit Users On The Go
Basics of Credit
Credit is the ability for a customer to purchase goods or services trusting that they will pay it back in the future. Credit can come in many different forms, such as, student loans, personal loans and credit cards. Your credit score determines whether or not you are approved as well as what interest rate you are charged with. You can find your credit score in your data-rich credit report and it is one factor used by lenders that help determine your creditworthiness. Credit Bureau is the agency that collects this information.
Benefits and Costs of Credit
Payment over time
Risk of identity theft
Borrowing more than you can afford
Credit Cards: What You Need To Know
A credit card allows you to borrow money from your bank to make your purchases. You can use credit cards anywhere they accept them and some restrictions may apply. An annual fee charged by a credit card company each year for use of a credit card. Over-the-limit-fee is what is charged by a credit card company if a user exceeds the card’s credit limit.
Compare Two Credit Cards
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
- Unlimited 1% cash back on all other purchases — it's automatic
- 0% Intro APR for 15 months on purchases and balance transfers. After the intro period, a variable APR of 14.24-23.24%. Balance transfer fee is 5% of the amount transferred, $5 minimum
- Enjoy new 5% categories every 3 months like gas stations, restaurants, select grocery stores, and wholesale clubs
- Cash Back rewards never expire as long as your account is open
- No Annual Fee
- Points for every dollar you spend
- $0 in annual fee for the first year
- No interest charges
- Membership Rewards program
- Purchase and return protection
- Extended Warranty
Advice for Credit Card Users
- Pay off your balance at the end of very month. Avoid paying interest if you pay whatever balance is on your card before beginning a "new cycle".
- Don't go over board! Buy what you need and what you can afford to pay back.
- Use rewards card. Make every purchase count so that you come out winning on the long run!
- Don't forget to pay your bills! Skipping a payment can result in a late payment fee and that can reflect negatively on your credit score.
- Keep track of your credit score. It's good to check your credit score at least once a year and before making expensive purchases.