Debit cards
disadvantages of a debit card are ...
cannot be used to build stronger credit, less protection than a credit card.
How can you be a good credit customer?
Paying at least the minimum monthly payment by or before the due date will keep your credit in good standing.
How old do you need to be to buy a credit card?
21 years old
What's a FICO score?
A FICO score is a three-digit number that helps lenders determine your credit risk
Is there a transaction or reload limits?
purchase transactions are unlimited
advantages of debit card are
simple to obtain requires attention to spending habits, widely accepted
What rule says you can limit your credit card debt to less than 20% of your total annual income
20-10 rule
one benefit of a credit card?
rewards
What is one way to keep your credit score strong?
Always pay bills on time.If you have problems paying your bills, contact your creditors. In many cases, they will work with you to figure out a payment plan.
one thing to look for when shopping for a prepaid card?
lowest fees
what is a debit card?
a card used with your checking account. Any money you decide to charge on a debit card comes right out of your checking account.
What's another rule you can follow for managing your account?
Stick to your budget
One credit card disadvantage.
Cost in interest and fees.
When checking your FICO scores, what can come up?
payment history.
How do you get a Prepaid Card?
You can purchase non-personalized or personalized Prepaid Cards at your local branch.
What federal protections cover consumers who use debit cards?
The federal Electronic Fund Transfer Act protects you from errors, loss or theft of your debit card.
What can you do to be alerted that a large purchase has been made on your card or that you've gone over your limit?
Set up alerts to receive an email or text message
One credit card advantage.
security
What are the three credit bureaus?
Experian,TansUnion,Equifax
Can you reload the Prepaid Card?
yes
Do debit cards have fees?
Debit cards are usually a perk of checking accounts, and maintaining those accounts may require a monthly fee of roughly $10 to $15
Can paying more than the minimum due or even the entire balance help you stay away from debt?
yes
What's a credit card?
A credit card is a type of loan where the money you spend is borrowed from the card provider.
What scores can your credit score range from?
300 to 850
Can you set up a direct deposit of my paycheck from my employer to my Prepaid Card?
yes