# lesson eight credit cards overheads

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1 lesson eight credit cards overheads

2 shopping for a credit card costs: Annual Percentage Rate (APR) or Finance (Interest) Charges Grace period Annual fees Transaction fees Balancing computation method for the finance charge features: Credit limit How widely the card is accepted What services and features are available overhead 8-A

4 examples of finance charges average adjusted previous daily balance balance balance monthly 1.5% 1.5% 1.5% rate 18% 18% 18% previous balance \$400 \$400 \$400 payments \$300 \$300 \$300 On 15th day (new balance =\$100) average daily balance \$250* N/A N/A finance charge \$3.75 \$1.50 \$6.00 (1.5% x \$250) (1.5% x \$100) (1.5% x \$400) * To figure average daily balance: (\$400 x 15 days) + (\$100 x 15 days) = \$250 x 30 days overhead 8-C

5 comparing credit cards Card 1 Card 2 Card 3 Annual Fee Grace Period APR Credit Limit Finance Charge Method of Calculating Finance Charges Transaction Fees Fees for Late Payment Other Features overhead 8-D

6 what to do if you are denied credit if you think the reasons for the denial are valid: Ask the creditor if you can provide additional information or arrange alternate credit terms. Apply to another creditor whose standards may be different. Do the things you need to do to improve your credit worthiness (pay bills on time, increase income, reduce spending, obtain a secured card, etc.) and then reapply. if you are not sure whether the reason for the denial is valid: Ask the creditor to explain why you were denied. Review your credit history. If you find your credit history contains errors, take steps to correct the errors. if you believe the reason for the denial is invalid and that the creditor has discriminated against you: Notify the Human Rights Commission or Consumer Affairs department in your province. They will investigate and report back to you. If you can afford it, hire a lawyer to file suit against the creditor. If the court determines the creditor did discriminate, the creditor will be required to pay you actual damages plus punitive damages. overhead 8-E

8 dealing with billing errors collection agencies act Sets up a procedure for the quick correction of mistakes that appear on consumer credit accounts. You can challenge a billing statement for errors such as charges for unauthorized purchases, charges for items that were never delivered, failure to credit a payment, etc. You must notify the creditor of a disputed item within 60 days. Creditor must investigate and, within two billing periods, either correct the mistake or explain why the charge is not in error. You cannot be billed for or forced to pay the disputed amount until the creditor has finished the investigation. If it is determined that you are responsible for the bill, you must be given the usual amount of time to pay it. Your credit history is protected during the dispute process. Creditor must supply customers with a statement of their rights at the time the account is opened and at least twice a year thereafter. overhead 8-G

9 other credit card protections prompt credit for payment A card issuer must credit your account on the day the issuer receives your payment, unless the payment is not made according to the creditor s requirements. refunds of credit balances When you return merchandise or pay more than you owe, you have the option of keeping the credit balance on your account or receiving a refund. unauthorized charges If you report your card lost before it is used, you cannot be held responsible for any unauthorized charges. If your card is used before you report it lost, you are usually liable for no more than \$50.00 in charges. disputes about merchandise or services In some circumstances, you have the right to withhold payment for unsatisfactory merchandise or services. Otherwise, disputes must be resolved directly with the merchant. overhead 8-H

10 credit card do s and don ts shop around Look at various sources. read and understand the contract Read the contract carefully. Don t rush into signing anything. Once a contract is signed, get a copy of it. Know the penalties for missed payments. know your cost Figure out total price when paying with credit. Make the largest payments possible. Know the penalties for missed payments. Buy on instalment credit only after you have evaluated all other possibilities. Don t be misled into thinking small payments will be easy. overhead 8-I

11 how much can you afford? (the guideline) never borrow more than 20% of your yearly net income If your net income (money after taxes) is \$400 a month, then your net income in one year is: 12 x \$400 = \$4,800 Calculate 20% of your annual net income to find your safe debt load. \$4,800 x 20% = \$960 So,you should never have more than \$960 of debt outstanding. Note: Housing debt (i.e., mortgage payments) should not be counted as part of the 20%. monthly payments shouldn t exceed 10% of your monthly net income: If your take-home pay is \$400 a month: \$400 x 10% = \$40 Your total monthly debt payments shouldn t total more than \$40 per month. overhead 8-J

13 lesson eight credit cards student activities

14 name: date: shopping for credit Credit card costs and features can vary greatly. This exercise will give you a chance to shop for and compare the costs and features of three credit cards. directions Using the attached form, research the costs and features of: Two major credit cards One credit card from a department store When you re done, answer the following questions. what did you find? 1. Which credit card has the highest annual percentage rate and how much is it? 2. What method is used to calculate the monthly finance charges for the first major credit card? 3. When does the finance charge begin to accrue on the credit card from the local department store? 4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee? 5. Is there a transaction fee on any card? If so, how much is it? 6. Is there a minimum finance charge on either of the major credit cards? If so, how much is it? 7. Does the first major credit card charge a fee for late payments? If so, how much is it? 8. What is the grace period on the credit card from the local department store? 9. Jamel wants to buy a new CD player that costs \$450. According to his budget, he can afford payments up to \$62.00 per month. Which of the three credit cards you ve found would you recommend Jamel use to purchase the CD player? Why? activity 8-1a

15 shopping for credit (continued) use the following form to compare two or more credit cards: card one card two Type of account: Credit card Charge card Company name, address, phone Web site Locations where card is accepted Annual fee (if any) Grace period Annual Percentage Rate (APR) Finance charge calculation method Credit limit Minimum payment Other fees: Late payment Other features activity 8-1b

19 name: date: how much does it really cost? directions Answer the following questions. You ll see for yourself how much items bought with credit can actually cost. questions Dimitri wants to buy a stereo for \$650 and pay for it using a credit card that has an Annual Percentage Rate of 19.8% and a periodic interest rate of 1.65%. If Dimitri pays the minimum monthly payment of \$21.45: 1. How long will it take him to pay for the stereo? 2. What is the total amount Dimitri will pay for the stereo? 3. What is Dimitri s total cost of using credit? If Dimitri makes monthly payments of \$60: 4. How many months will it take for Dimitri to pay off the stereo? 5. What is the total amount Dimitri will pay for the stereo? 6. What is Dimitri s total cost of using credit? Karen took a cash advance on her credit card for \$1,500. The credit card she used charges an Annual Percentage Rate of 21% and a periodic interest rate of 1.75%. If Karen pays the cash advance back at a rate of \$60 per month: 7. How long will it take Karen to pay for the cash advance? 8. What is the total amount Karen will end up paying for the cash advance? 9. How much interest will Karen pay? If Karen pays the cash advance back at a rate of \$120 per month: 10. How long will it take Karen to pay for the cash advance? 11. What is the total amount Karen will end up paying for the cash advance? 12. How much interest will Karen pay? activity 8-3a

20 how much does it really cost? (continued) Marie just used her new credit card to buy a bike for \$400. Her budget allows her to pay no more than \$25 each month on her credit card. Marie has decided not to use the credit card again until the bike is paid off. The credit card she used has an Annual Percentage Rate of 21% and a periodic interest rate of 1.74%. If Marie pays \$25 each month on her credit card: 13. How long will it take Marie to pay for the bike? 14. What is the total amount Marie will end up paying for the bike? 15. How much interest will Marie pay for using her credit card to buy the bike? If Marie pays the minimum payment of \$20 each month: 16. How long will it take Marie to pay for the bike? 17. What is the total amount Marie will end up paying for the bike? 18. How much interest will Marie pay for using her credit card to buy the bike? Gary has just used his credit card to buy a new watch. He got the watch on sale for \$235. The regular price was \$290. He used a credit card that has an Annual Percentage Rate of 20% and a periodic interest rate of 1.67%. If Gary makes the minimum monthly payment each month of \$20: 19. How much will Gary end up paying for his new watch? 20. How long will it take Gary to pay for his watch? 21. What is the total amount of interest Gary will end up paying? If Gary pays \$25 each month, instead of the minimum monthly payment of \$10 each month: 22. How much will Gary end up paying for his new watch? 23. How long will it take Gary to pay for his watch? 24. What is the total amount of interest Gary will end up paying? activity 8-3b

22 how much does it really cost? answer key Marie just used her new credit card to buy a bike for \$400. Her budget allows her to pay no more than \$25 each month on her credit card. Marie has decided not to use the credit card again until the bike is paid off. The credit card she used has an Annual Percentage Rate of 21% and a periodic interest rate of 1.75%. If Marie pays \$25 each month on her credit card: 13. How long will it take Marie to pay for the bike? 19 months 14. What is the total amount Marie will end up paying for the bike? \$ How much interest will Marie pay for using her credit card to buy the bike? \$73.38 If Marie pays the minimum payment of \$20 each month: 16. How long will it take Marie to pay for the bike? 25 months 17. What is the total amount Marie will end up paying for the bike? \$ How much interest will Marie pay for using her credit card to buy the bike? \$ Gary has just used his credit card to buy a new watch. He got the watch on sale for \$235. The regular price was \$290. He used a credit card that has an Annual Percentage Rate of 20% and a periodic interest rate of 1.67%. If Gary makes the minimum monthly payment each month of \$20: 19. How much will Gary end up paying for his new watch? \$ How long will it take Gary to pay for his watch? 11 months 21. What is the total amount of interest Gary will end up paying? \$28.71 If Gary pays \$25 each month, instead of the minimum monthly payment of \$20 each month: 22. How much will Gary end up paying for his new watch? \$ How long will it take Gary to pay for his watch? 11 months 24. What is the total amount of interest Gary will end up paying? \$18.14 activity answers 8-3b key

25 name: date: lesson eight quiz: credit cards true-false 1. A priority credit card is usually accepted by one type of store or company. 2. The average daily balance method of calculating interest is based on the opening balance of the account for the previous month. 3. The annual fee for a credit card is set by the government. 4. APR measures the interest rate charged by a credit card. 5. If someone uses your lost or stolen credit card and you report it immediately, you are usually liable for no more than \$50. multiple choice A credit card issued through a Comparing the APR among credit union would be an example several credit cards allows you of a card. to obtain the: A. A. bank longest grace period. B. B. travel and entertainment lowest annual fee. C. C. store lowest interest rate. D. D. priority least expensive method of calculating interest. 7. The grace period refers to the time: A. taken to process a credit card application. B. for paying an account without an interest charge. C. allowed to notify a creditor of a billing error. D. used for calculating interest. 9. If a billing error occurs on a credit statement, a consumer has days to notify the creditor. A. 30 B. 60 C. 90 D. 120 case application Jack uses his credit card for almost all purchases. He charges gas purchases, clothing, food, and other living expenses. What is your opinion of this money management habit? quiz 8-5

26 lesson eight quiz: credit cards answer key true-false 1. t A priority credit card is usually accepted by one type of store or company. 2. f The average daily balance method of calculating interest is based on the opening balance of the account for the previous month. 3. f The annual fee for a credit card is set by the government. 4. t APR measures the interest rate charged by a credit card. 5. t If someone uses your lost or stolen credit card and you report it immediately, you are usually liable for no more than \$50. multiple choice 6. A A credit card issued through a credit union would be an example of a card. A. bank B. travel and entertainment C. store D. priority 7. B The grace period refers to the time: A. taken to process a credit card application. B. for paying an account without an interest charge. C. allowed to notify a creditor of a billing error. D. used for calculating interest. 8. C Comparing the APR among several credit cards allows you to obtain the: A. longest grace period. B. lowest annual fee. C. lowest interest rate. D. least expensive method of calculating interest. 9. B If a billing error occurs on a credit statement, a consumer has days to notify the creditor. A. 30 B. 60 C. 90 D. 120 case application Jack uses his credit card for almost all purchases. He charges gas purchases, clothing, food, and other living expenses. What is your opinion of this money management habit? If Jack pays off his balances each month, his use of credit cards may be a convenient money management technique that provides complete records of all of his spending. However, if this habit results in overspending and paying more, due to interest, Jack needs to assess his financial activities. quiz answers 8-5 key

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