Choosing a Card Account
What is the "20-10" rule?
What is a top tip for using a credit card?
Pay more than the minimum.
What number is considered excellent?
750 or higher
What is APR?
Annual Percentage Rate
What are some good advantages for Credit Card?
Security, Convenience, Bill Consolidation.
When choosing a debit or check card, you should be aware of what?
Potential fees and overdraft charges
If uou miss a payment or even miss the payment deadline, what would happen to you?
You will be charged with penalty charges.
What are the three main bureaus?
Experian, TransUnion, and Equifax
What is the Annual Fee?
The once-a-year cost of owning a credit card.
What are some disadvantages to Credit cards?
The main disadvantage of credit card usage is the potential cost of interest and fees.
What important guidelines are useful to manage your card accounts?
Stick to your budget. Follow the "20-10" rule. Be a good credit customer. Review your monthly statements. Take advantage of secure online access to both your credit card and debit card accounts.
Card protection plays a huge role in credit cards. If your card is lost or stolen, what you should do?
Report the incident to the back and cancel the card.
What is the range of the scores?
300 to 850
What is the balance?
An amount of money.
Your available credit is the amount of credit you can charge on your existing accounts.
FICO scores
It typically comes with a higher rate of interest and no interest-free period.
Cash withdraws.
What are some good advice to keep in mind with the credit information to calculate your FICO scores?
Your payment history. Amount of money you owe. length of your credit history. A number of recently opened credit accounts.
What is a Credit line?
The maximum dollar amount that can be charged on a specific credit card account.
What is a Credit Report?
Your credit report is a profile of your financial history.
When choosing a credit card, what age you need to be?
21 years old
56 Days.
What is the credit bureau?
A reporting agency that collects information on consumer credit usage.
What is a Credit Rating?
A financial institution's evaluation of an individual's ability to manage debt.
Every how many months you should request your free credit report?
12 Months