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1 Credit Card Basics

2 Credit Card Basics Copyright 2012 APRfinder.com Notice of Rights All rights reserved. No part of this guide may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the prior written permission of the publisher, except in the case of brief quotations included in critical articles or reviews. Notice of Liability The author and publisher have made every effort to ensure the accuracy of the information herein. However, the information contained in this guide is provided without warranty, either express or implied. Neither the authors and APRfinder.com, nor its dealers or distributors, will be held liable for any damages caused either directly or indirectly by the instructions contained in this guide, or by the products or services described herein. Trademark Notice Rather than indicating every occurrence of a trademarked name as such, this guide uses the names only in an editorial fashion and to the benefit of the trademark owner with no intention of infringement of the trademark. Credit Card Basics APRfinder.com 1

3 Table of Contents Table of Contents Credit Card Basics... 1 Notice of Rights... 1 Notice of Liability... 1 Trademark Notice... 1 Table of Contents ) A Brief History of Credit Cards... 4 Charge Cards... 4 Cardboard Credit Cards... 4 Revolving Credit... 4 Modern Day Usage ) Credit Card Terminology... 5 Common Terms ) Types of Credit Cards... 7 Credit Card Types... 7 Styles of Credit Cards... 8 Brands of credit cards ) Common Credit Card Costs & Fees Basic Interest Rates and APR Fees Fixed Rates Variable Rates Calculation Methods Average Daily Balance Daily Balance Two-Cycle Balance Previous Balance Other Typical Fees ) Choosing a Credit Card Considerations When Looking for a New Credit Card Credit Card Basics APRfinder.com 2

4 Why do you need a credit card? How much do you plan to charge to the card? How often will you pay the balance in full? Are you extremely loyal to one specific gas station, bank, airline, retailer, etc? Important Points to Consider Annual Percentage Rate (APR) alone isn t everything Card perks may hurt Am I truly pre-approved? Questions to Ask Yourself When Shopping for a Credit Card ) Using Credit Cards Wisely Common Problems: Getting too many credit cards Misunderstanding introductory rates Not reading the fine print Choosing a card for the wrong reasons Not rate shopping Making minimum payments Paying your bill late Ignoring your monthly statement Exceeding credit limit Buying things you don t need ) Credit Card Safety Tips General Security Procedures Shopping Safely Online Disputing Charges Credit Card Basics APRfinder.com 3

5 1) A Brief History of Credit Cards There are several claims by different companies and individuals declaring themselves the inventor of the first credit card. This brief summary should help you gain insight into the history of its general usage. Prior to the advent of credit cards, businesses and consumers were mostly limited to traditional means of paying for purchases- cash, personal checks, and store credit (if offered). Charge Cards Still available today, the charge card was the first step towards the modern day credit card. In the early 1900s, stores and gas stations began offering frequent customers a charge card to put purchases made at that specific store (Sears, Esso were among the first). Cardboard Credit Cards This was taken a step closer to today s credit cards around 1949 when Diners Club issued the first cardboard credit card for use by members in restaurants and nightlife spots around Manhattan. The members paid a fee in exchange for the privilege to sign for a check, which would be later repaid. The stores were promised more repeat customers as members would prefer the establishments accepting the card. In just two short years, by 1951, Diners Club had around 20,000 members. They switched from cardboard to plastic credit cards just a few years later. Revolving Credit The next big transition in the credit card industry was the switch to revolving credit. Initially, the entire balance of the card was to be paid off each month. Companies made money on the annual fees members paid. That changed when customers were allowed to roll the outstanding balance into the next month, and pay interest on the balance. Modern Day Usage The idea of buy now, pay later really took off. In the 1970s Visa and MasterCard further expanded the reach of credit cards by creating associations with member banks to work together. These companies don t issue cards or lend the money or act as middleman between vendors and consumers, rather, Visa and MasterCard became the middleman between large banks and consumers. They facilitate the processing of payments between merchants and the banks. Credit Card Basics APRfinder.com 4

6 2) Credit Card Terminology cards. Credit cards are used by everyone in today s day and age. However, they only seem understood by a surprisingly few. Many people even find them necessary to perform many everyday tasks. Life in many ways has become easier with the growth of credit cards. Online purchases, car reservations and traveling internationally without currency exchange are all possible through the expansion of credit But, with the new ease come new risks, as the use of this new credit often could be described as reckless. America as a whole now carries far more personal debt than ever before, and has seen a rise in personal bankruptcies. However, with a little prior knowledge, credit cards can be a welcomed addition to a person s personal finances. With that said, it s important to understand some basic terminology when comparing credit cards to apply for. Common Terms Annual Fee this is a flat fee charged on some cards somewhat like a membership fee. There are many no-fee options these days, as well as other times this fee is waived. Annual Percentage Rate (APR) is the yearly rate of financing charges. This can be fixed (non-changing) or variable (changes with the Treasury bill rate or other published rate). Introductory Rate a temporary, low APR used to attract new customers that typically last for about six to eighteen months before converting to the normal fixed or variable rate. Finance Charge the cost paid to the bank for lending the money. The amount depends on the outstanding balance and APR. Grace Period a set number of days given to the consumer to pay the balance before the credit card company charges interest, typically days. Cash Advance instant cash loan from a card s available credit. It often includes additional cash advance fees. Balance Transfer often used by consumers to consolidate balances, credit card companies will usually offer teaser rates to entice people to switch credit cards. These teasers usually last between 6 months and 1 year. The rationale is then, even if customer pays off balance, they have a new customer. Minimum Payment- lowest amount of money required to avoid defaulting on your agreement. Usually a minimum percentage or set dollar amount. Credit Card Basics APRfinder.com 5

7 These are just some of the most common general credit card terms to look for when applying for a new credit card. If you looking for a more advanced term, here s a complete glossary of terms broken down to specific categories. Credit Card Basics APRfinder.com 6

8 3) Types of Credit Cards When researching the different types of credit cards available, there are usually three lines of thought that come to a person s mind, which are typically categorized into these three major groups: Types of cards: standard, secured, prepaid, debit, charge and gift cards. Style of cards: student, business, travel, and rewards credit cards, etc. Brands of cards: Visa, MasterCard, American Express, Discover, JCB. Credit Card Types People often mistake gift, prepaid, and debit cards for credit cards, but in actuality they re not credit cards at all. A true credit card offers a consumer or business credit from a bank or other financial institution to use as money in exchange for paying some form of service fee to the institution. The credit is borrowed money that has to be paid back. Hence the term credit card. Prepaid, debit, and gift cards do not offer any money or credit to borrow from institutions and a purchaser or account holder has to put money on the card or in an account for it to work. These cards can only be used for purchases up to the amount that was pre-paid, or deposited into an account. Standard Credit Card Issued by a financial institution that allows consumers and businesses to use up to a certain amount of money as borrowed credit in exchange for paying a service fee. Credit limits and APRs are determined by an applier s credit history and score. The standard credit cards that most people think of are revolving lines of credit that do not have a fixed number of payments and don t have to be paid-in-full. They only require a minimum payment due, which is usually monthly. Charge Card Typically reserved for people with near perfect credit, a charge card is very similar to a credit card, but usually requires the card holder to pay their balance in full every thirty days. They re also known to have uncapped spending limits, with tougher penalties and higher fees. American Express is the primary charge card provider in the United States. Secured Card Secured credit cards are most often used by people looking to rebuild their credit. A down payment is usually required for secured cards, but they also give users a real credit line and report activity to the major credit bureaus. Prepaid / Gift These cards are very similar to each other in that they each require you to put money into an account before you can use them and you can only use up to the amount deposited. They are typically re-loadable. The only difference is Gift cards don t typically have account information associated with them since they are usually given to other people, whereas Credit Card Basics APRfinder.com 7

9 pre-paid cards are typically used by the person who applied for them. They don t typically report a user s activity to credit reporting agencies. Debit / Bank / Check Cards that give cardholders access to their bank accounts for use at financial institutions. Most of today s bank cards carry one of the major brand logos such as Visa and MasterCard so they can be used like a normal credit card by any merchant that allows Visa and MasterCard payments. Cardholders can also use them to take money out of their account at cash machines by entering a PIN number, but they will usually have to pay some sort of fee. Especially when taking money out of a machine served by another bank. Styles of Credit Cards There are several styles of cards which are often referred to as specialty credit cards. Unlike the other types of credit cards, specialty cards will often overlap with other specialty cards. For instance, you can have a business credit card that also offers cash back bonuses, and a cash back credit card that also offers a low or introductory Annual Percentage Rate (APR). Business Cards that are tailored specifically to small companies, large corporations or businessmen. Having a business credit card helps companies keep track of expenses for tax purposes and can offer a number of other benefits and rewards to businesses and their employees. Student Customized for students and are often used to help college students establish their credit. They credit cards often come with rewards and benefits that are beneficial to college students such as bonus points and cash back for using the card at gas stations and restaurants. Travel & Airlines These cards are great for frequent flyers such as traveling salesmen. People can earn points towards flights, gas and hotels, purchase special packages at select destinations, and earn private access to amenities at participating institutions. Cash Back Allow you to earn cash back on qualifying purchases and usually offer a significant additional cash back bonus if you use your card often, use it on specific services, or with certain merchants. Rewards Reward cards come in all different shapes and sizes. Many of which we ve already covered in other sections on this page. However, in general, rewards usually come in the form of points, cash back, bonuses, mileage, rebates, memberships, exclusive club benefits and more. Balance Transfer Cards categorized as Balance Transfer Cards typically offer an extended introductory APR fee period on balance transfers. Some will even provide the same extended introductory rate on purchases too. These teaser rates usually 0% APR can be especially attractive to people carrying large balances on high interest rate credit cards. 0% APR Cards Don t let the title fool you these credit cards don t carry an ongoing 0% annual percentage rate. Rather, they usually offer an extended introductory rate APR on balance transfers and purchases which will eventually default to your regular APR. Credit Card Basics APRfinder.com 8

10 Low Interest Low interest rate cards offer either a low variable or fixed-rate APR, or a low introductory APR that last for several months and sometimes even more than a year. Brands of credit cards There are 5 major credit card brand networks worldwide. Different brands are accepted at different stores, but most large companies accept all major brands. The brands are: Visa, MasterCard, American Express, Discover and JCB. Visa One of the largest credit card networks that offers debit, prepaid, business and personal credit cards, as well as many other related financial services. MasterCard A leading global payment solutions provider that allows card issuers to issue branded MasterCard business, personal, debit and pre-paid credit cards. Discover Direct banking and payment service company that issues credit cards primarily to consumers in the US. Although they mostly issue their own cards, they also allow other companies to issue Discover branded credit cards. American Express Also known as AmEx, American Express is a global financial services company that issues credit cards, charge cards, prepaid cards and gift cards for businesses and consumers. JCB Japan Credit Bureau is a global payment system and leading credit card brand in Japan that is growing rapidly world-wide. JCB International offers a numerous benefits and rewards to its card members throughout the world. Credit Card Basics APRfinder.com 9

11 4) Common Credit Card Costs & Fees Spending money that doesn t feel like yours may be fun, but it certainly isn t free. The costs and fees associated with credit cards is something that s important to fully understand prior to using your card for the very first time. Otherwise, you could be surprised by a number of huge costs and fees you never anticipated. Basic Interest Rates and APR Fees At the most basic level interest is the fee paid for the privilege to borrow money. The financial firms lend out money and they charge you for allowing you to do so. The rate charged can vary for each consumer based on how confident the firm is that you will pay them back, and what your credit score is. In the United States the average interest rate on a credit card is typically between 15 and 20%. While this may be tough to call good or bad to many consumers, it is important to put this in perspective. When thinking of the 15-20% interest rate on a credit card, it s important to remember that this is expressed as Annual Percentage Rate (APR). So at 20%, you would divide this by 12 to roughly get the rate that will be applied to your balance monthly (1.67% in this case). This rate can be charged as a fixed APR as well as a variable APR. Fixed Rates A fixed rate is what it sounds like, a rate that is fixed during the charge period. Variable Rates Variable on the other hand is tied to some type of published rate, often the US Treasury Bill Rate or Prime Rate tracked here. The rate will be expressed prime rate + your rate. This will be updated at set increments, even daily. Although variable rate cards often offer lower introductory rates, they can cause trouble for consumers down the road if the rate resets to a much higher percentage. Calculation Methods The calculation using the APR, fixed or variable, can change from company to company and card to card: Credit Card Basics APRfinder.com 10

12 Average Daily Balance The credit card company averages your daily balance throughout the month. Specifically, they look at your balance each day, and divide that by the number of days in the month. That amount, multiplied by approximately 1/12 your APR would equal the finance charges for the month. Daily Balance Credit card companies calculate the finance charge based on your outstanding balance each day. This daily amount is multiplied by approximately 1/365th of the APR to determine the daily finance charge. Two-Cycle Balance This is one to look out for because it can be the most expensive. Here, the credit card company charges interest on debt already paid. They will take the average daily balance over the past two billing cycles and charge interest on it. The bad thing here is that extra payments to reduce your balance won t affect the previous balance, so you ll have to pay a higher rate, even after reducing your balance. Previous Balance The credit card company issues a statement showing the balance at the beginning and the end of the month, and charges interest on the beginning. Other Typical Fees Finance Charge usually charged monthly based on the APR, balance and grace period. Cash Advance charged each time you take a cash advance and is usually 3% or more of the amount withdrawn. Balance Transfer fee that is charged each time you transfer money from one credit card to another. You only pay the fee to the card issuer you re transferring the balance to. Minimum Payment the lowest amount of money you re required to pay by a certain date to avoid defaulting on the agreement and receiving any late fee penalties for doing so. It s usually a minimum percentage or dollar amount. Late Payment fee applied whenever you don t pay your minimum payment due by the due date. Over Limit some companies will allow you to charge more than your available credit limit; however, they will also charge you a hefty over the limit fee. Credit Card Basics APRfinder.com 11

13 5) Choosing a Credit Card With the seemingly endless array of credit card options available, it can be difficult to decide which the best is. Banks, credit unions, retailers, and credit card companies all issue credit cards. These plastic cards offer various perks from airline miles, cash-back, concierge services, to store specific savings. But before you accept the free towel and sign the dotted line, it is important to keep a few things in mind. Considerations When Looking for a New Credit Card Why do you need a credit card? Some people may want a new credit card to transfer a balance so they can save some interest for a few months. Others may use it primarily for work expenses, just for travel, or a student getting their first credit card looking to build their credit. All of the above reasons, and thousands others, are common, and do not dictate the same card as the correct choice for each person. It is important to look at why you want/need a credit card first, before getting caught up in the perks. How much do you plan to charge to the card? After the above question, you should think about how much you plan to typically charge. Although this credit limit won t be completely in your control, it will help you narrow down your sights on a few cards. Perhaps you re a student building credit and want to maintain a low limit to not get yourself in too much debt at any one time. Or, conversely, a business owner who is seeking a card with no credit limits in order to put ongoing large purchases on it. How often will you pay the balance in full? Do you plan to pay off the entire balance each month? If so, perhaps a card with a higher interest rate but much better perks would be best for you. If you plan on carrying a balance, you may want to steer to the lowest interest rate credit card, rather than one with the best perks. Regardless of the exact situation, it is important to be honest with yourself and examine your previous payment and spending habits. Are you extremely loyal to one specific gas station, bank, airline, retailer, etc.? Some credit card companies offer great benefits to use their card at a specific retailer or merchant. If you know that you only fly on Continental for instance, and travel often, you may want to look at which cards they have to offer. Only fill up at Hess? They probably have a credit card for you. Credit Card Basics APRfinder.com 12

14 Important Points to Consider Annual Percentage Rate (APR) alone isn t everything The stated interest rate alone may not be the best indicator of the right card for you. The way APR is calculated can vary, as well as annual fees, teaser rates, perks, etc. Card perks may hurt Cards with perks (miles, cash back, etc.) may have higher interest rates, or annual fees, which make it actually a worse deal for you than a traditional card. However, if you know your spending habits, and rarely carry a balance, some of these cards offer really great deals. It is important to see the true savings of any particular costs compared to the increased finance charges, or other fees. Am I truly pre-approved? Offers coming in from the mail often proclaim that you are preapproved for their credit card, and may even include a fake card with your name on it to get you excited of what s to come. In reality however, pre-approval doesn t account for much these days it simply means the credit card company is aware of your credit score and history, but will still require you to call-in, postmail, or complete your application online for final approval. This may or may not be at the same terms stated in the pre-approval letter. Although the right card will not be the same for each individual, a few questions will help any person find the ideal card for them. Questions to Ask Yourself When Shopping for a Credit Card 1. Is there an Introductory Rate? What is it and how long does it last? 2. Is there an Application Fee? 3. Is there a Processing Fee? 4. Is there an Annual Fee? 5. What is the Late Payment Fee? 6. What s the Over Credit Limit Fee? 7. How much are the Balance Transfer Fees? 8. What s the Grace Period? 9. If I go over limit or pay late will my terms change? 10. Can I Pay Online, and are there any savings for signing-up for Online-only Statements? Credit Card Basics APRfinder.com 13

15 6) Using Credit Cards Wisely After obtaining a credit card it s important to take measures to use this newly obtained credit wisely. Having a credit card isn t what gets some people in trouble, it s the way they use it that does. Common Problems: 1. Getting too many credit cards The temptation to receive a free gift or otherwise can lead a person to obtain many credit cards. There is very few times when having additional cards lying around will benefit the consumer. Even if the credit cards are left with a zero balance, the lender may wonder why and what will happen if the consumer was to max out all of the cards, and as a result, make changes to the cardholder s terms. 2. Misunderstanding introductory rates The 18 months of zero interest may sound appealing, and even provide rationalization for opening a new card to transfer over a balance and save on interest charges. However, a common mistake is not looking at what happens when this introductory period is over. Often, when the rate jumps, it jumps high, putting the consumer in an even worse spot than before. 3. Not reading the fine print Within the fine print is where you ll find the rate the card changes to after the introductory period, as well as balance transfer fees, grace periods, and all other relevant information that is part of doing your homework prior to obtaining a new credit card. 4. Choosing a card for the wrong reasons You ve always wanted to go to Hawaii, and that free round trip ticket from your new credit card will get it done! Or, you are freezing cold at the ballpark and there is a credit card company offering free blankets with sign up (it happened). Either way, the wrong reasons often lead people to sign up for credit cards they don t need, or do not fit with. The credit card company s job is not to match each consumer with the best card for their needs, but rather to issue more cards. So be wary of the gimmicks involved with getting you signed up. 5. Not rate shopping Credit Card Basics APRfinder.com 14

16 When an envelope arrives at your door with pre-approved written on the front, and two airline tickets that could be yours, it is tempting to just accept the offer. Most of these unsolicited offers will not have the best available rates, however, and you will likely pay for it through various fees in the long run. 6. Making minimum payments Carrying a balance on a credit card is how the companies issuing them make money. It s also the way that consumers get in trouble. Credit cards should not be used as supplemental income, but merely as a convenience tool that gets paid off every month. Paying the minimum amount due, because that s all that is required, is the quickest way to find yourself behind the debt 8 ball. 7. Paying your bill late Not only will you face a late-payment charge, which could be higher than your minimum payment, your tardiness will show up on your credit report, damage your FICO score and make it harder to get better terms on future loans and accounts. 8. Ignoring your monthly statement By not carefully reviewing each month s bill, you will definitely not be monitoring your own spending habits well, and could possibly be ignoring someone else s too. In the days of ID theft it s imperative to check each statement religiously to make sure there are no unusual charges. 9. Exceeding credit limit Not all cards will be declined if they have reached their credit limit. Many will allow charges to go through only to later hit the user with fees and a lower credit score. By taking into account rule 8, regularly checking your statement, and knowing your credit limit, you should be able to avoid crossing the balance, which that will have a negative impact on you if you do. 10. Buying things you don t need Basic rule, but it s one that is perhaps most often broken. Credit cards are a tempting way to purchase things. The old rule about waiting 48 hours to purchase something can greatly reduce impulse buys, or other buys that upon reflection weren t necessary. If you need added selfcontrol, some suggest freezing the credit card in ice, so when you are tempted to make that online purchase, you have to wait until it melts prior to using it again. The thought being that by the time your credit card thaws out, so has your urge to shop. Credit Card Basics APRfinder.com 15

17 7) Credit Card Safety Tips While credit cards have in many ways made our lives easier, they can also provide a serious headache if you re not careful with them. information. It s important to keep your personal finances secure; otherwise you could find yourself in a world of hurt if someone malicious gets a hold of your If someone steals your identity they could use thousands of dollars of credit before you even realize what has happened. Once you do figure it out, you ll need to contact all of your creditors, call your banks, open a case, and you may even be required to go to court to ensure you re not liable for any possible misuse. General Security Procedures Here are some basic tips for staying on top of your credit card security to help you avoid a major hassle in the future. Sign your card- although many people overlook this as a silly check these days, it s still important to sign your card (or write see ID for added security). Keep your receipts- do not leave your receipt behind if using at an ATM, or elsewhere. This can leave you vulnerable to fraud. Additionally, after reviewing your statements (if you get hard copies) shred them prior to disposing. Careful over the phone- do not give your credit card info over the phone unless you initiated the call. This is a common scam, and even seemingly legit phone numbers can be picked up by nearby scanners. Be particularly cautious if you get a call right back after placing an order or talking to your credit card company. If this happens, hang up and recall the original number to check its status and legitimacy. Ignore any credit-card offer that requires you to spend money up-front- or fail to disclose the identity of the card issuer. Remember to get your card back- it is easy to forget to recollect your card after using it at stores. As simple as it sounds, make a habit (such as leaving your wallet up) until you retrieve your card. Keep a list- of your current credit cards and their toll-free numbers in case of emergency, theft, or loss. Keep up with statements- check for any suspicious charges or errors. Credit Card Basics APRfinder.com 16

18 Shopping Safely Online Internet shopping is made possible through the use credit cards. The explosion of money changing hands virtually has attracted many hackers to prey on this market. However, there are steps you can take preemptively to protect yourself against issues shopping online: Zero Liability- some credit card issuers offer zero liability clauses for online purchases. If the card or its number is stolen, typically the cardholder is responsible for up to the first $50, but none after that. One Time Use/Temporary Numbers- some companies issue temporary numbers that you can use for just 1 web purchase. So even if the number is captured, it can t be used for anything else. Extra Passwords- some cards require an additional password to be entered online if attempting to use the card, hopefully known just by the company and you. Not all online merchants have this capability, so it will only provide protection on the sites which do. Be Careful- sometimes credit card companies will attempt to sell customers on protection in case the card is stolen and they are left with a huge bill. It s important to know that consumers are already covered by a federal law (outlined below). Personal liability is capped at $50, and the issuer will rarely even ask for it if it s reported stolen in a timely fashion. Disputing Charges When reviewing your monthly statement, if you do come across a suspicious charge, it is important to take action quickly. However, you can also rest assured that there is protection provided by the government for this exact reason: The Fair Credit Billing Act- passed in 1975 is an amendment to the Truth in Lending Act. Like the name states, the main goal of the act is to outline consumer s rights when it comes to errors that arise on credit card bills. Key points of the Act: Allows consumers, when dissatisfied, to sue or assert other defenses against their credit card companies. Requires consumers to make a good faith attempt to obtain satisfactory resolution of a disagreement or problem relative to the transaction from merchants. Restricts these rights to transactions exceeding $50. Protects you without requiring you to buy additional credit protection. If you do spot a billing error on your statement the first move is to return to or call the merchant and attempt to resolve it. This is often the most effective action to take. If it doesn t work, call your card issuer to see what they suggest. They ll likely request that you put the complaint in writing and send a copy to them via certified mail. Credit Card Basics APRfinder.com 17

19 During this time of dispute, make sure to continue to pay on the card for least pay the minimum payment due. While many companies will likely give you the benefit of the doubt, and credit your account for the amount disputed, they can also deny your claim and may possibly even charge you additional fees if you haven t been paying the amount due on your statements. If you found this e-book helpful, please take a moment to link to it here, and share this page on your favorite social network. Wishing you the very best! Credit Card Basics APRfinder.com 18

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