Money
What happens when you don’t pay your bills on time
You'll end up with late fees, interest charges increases and a ruined credit rating.
Where does the money come from when you use a credit card?
Your bank
When should you pay your credit card bill?
Recommended on due date. But for credit score boost pay on statement due date in full.
What is considered a Good credit score ?
670-740
What does CD mean?
Certificate of deposit
What is one thing you should watch out for when using a credit card?
Interest rates
What are the 3 main types of credit card rewards?
Cash back, miles & points
What’s a way to make more money?
Side hustles
Why is it important to have a good Credit Score?
It determines whether or not you will be allowed/qualified to make big purchases all while being able to pay it off
What is the benefit of CDs
CDs offer a higher interest rate than savings accounts.
What type of credit card would benefit you most?
A credit card with low APR and High reward rate
Where does the money come from when you use a credit card?
A student or a secured credit card
What is rent hacking?
If you're one person with a three bedroom you can split the money with the two other people to save money.
What should your credit score have to be in order to purchase a house?
620+
What are the possible penalties for withdrawing your money early from a CD?
You will lose any interest that you had and have to pay a fee
What’s a good yearly income to be stable?
40K
Why is it bad to have a lot of credit cards?
Because It’ll lower your credit score
What is a way you can save your money?
Make your own meals, cutting your cable or cutting phone line.
What is credit utilization
If you pay your credit card balances in full every month, you won't accrue any interest charges and your credit utilization rate will be low.
What is an APR?
The APR, is the interest rate charged on a credit card balance.
Best cards to start with as a student
Discover it chrome, Capital One student cash back, Chase freedom, Capital freedom student cash back, Bank of america travel rewards
How does the credit card reward system work?
For miles it gives you 1 cent a mile, bonus cash if you reach a specific money goal you will receive cash back and reward points.
When do you get charged the interest rate?
When you get approved from applying for a credit card
What goes into your credit score?
30% is amounts owed, 35% is payment history, 15% is length of credit history, 10% is credit mix and 10% is new credit
What should be your APR rate as a student
Around 16%