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Balance

Annual Percentage Rate (APR)

Annual Fee

Average Daily Balance

Finance Charge

Monthly Statement

Grace Period

Minimum Payment

Cash Advance

Interest Rate

Credit Limit

Billing Cycle

Credit Score/Rating

One of the 3 C’s of Credit: Collateral

One of the 3 C’s of Credit: Character

One of the 3 C’s of Credit: Capacity

Debt Load

20-10 Guideline

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Annual Percentage Rate (APR) is the total yearly cost of borrowing money, expressed as a percentage, which includes both the nominal interest rate and additional fees. It gives us a more accurate, comprehensive picture of borrowing costs than the interest rate alone, making it important for comparing loan or credit card offers.

Taia Savazzi

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Buying a car, booking a vacation, paying for post secondary, furniture, electronics, or emergency repairs.

S.G

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I know already about Visa, Mastercard, and American Express

S.G

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They let you buy now and pay later, and can help build credit history if it is used responsibly.

S.G

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If you don't pay on time, interest charges can make purchases more expensive and debt can build.

S.G

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A monthly statement is a report sent by the credit card company showing your purchases, payments, balance owed, interest charges, and minimum payment due for that month.

S.G

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In the future, I may need to use credit for big purchases like a car, post-secondary education, or possibly renting an apartment. These are expensive and usually can’t be paid all at once, so credit helps spread out the cost over time.

Z.A

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One advantage is that it helps build a credit history, which is important for things like getting a loan or renting an apartment in the future. It can also be more convenient than carrying cash and may offer rewards like cashback or points.

Z.A

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A disadvantage is that it’s easy to overspend and get into debt. If you don’t pay your balance on time, you will be charged high interest, which can make what you owe grow quickly.

Z.A

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Visa

Mastercard

American Express

Z.A

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A credit limit is the maximum amount you can spend on a credit card.
For example, if your limit is $1,000, you can’t spend more than that.

It’s set by the card issuer (like Visa or Mastercard), and going over it can lead to fees or declined purchases.

Z.A

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electronics, furniture and appliances, home and home renovations, vacations, flights and hotels, cars C.P

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Visa, Mastercard C.P

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you are able to purchase items and pay it off later on C.P

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if you miss the payment date, the cost will increase than what it was originally C.P

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"An annual fee is a recurring, yearly charge applied by credit card issuers to cardholders for the privilege of owning a credit card and accessing its benefits. Typically charged automatically on the account opening anniversary, these fees range from $15 to over $500, commonly associated with premium rewards, travel perks, or secured cards" C.P

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Purchasing a car, furniture, vacations or a home.

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Visa, mastercard and american express.

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Using a credit card allows you to buy now and pay it back later but while doing that you build a credit history which helps build relationships with banks when you look into purchasing expensive items.

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if you do not pay on time interest goes up and makes it easier to fall into debt, once you go into debt it's hard to get out of debt especially with interest rates.

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The credit limit is the amount of money a bank is willing to lend you.

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a car, house laptop phone or furniture

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I already know about visa Mastercard, American Express, CIBC an drbc

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can help you buy something now and then pay later. it can also build your credit score if you pay on time

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if you don't pay it back on time then you get charged interest and then can go into debt

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credit score rating - a number that shows how good you are at paying back the money that you have borrowed. a higher score makes it more easier to get in loans or credit

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In the future, I anticipate needing a credit card for major purchases such as purchasing a car, a downpayment/rent for a home, post-secondary education, and vacations.

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1. Visa

2. Mastercard

3. American Express

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One advantage of using a credit card is convenience, as it makes online shopping, travel bookings, and large purchases easier and faster.

N.S

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One disadvantage is the likelihood of damaging one's credit score. Missing payments, carrying large balances, or applying for too many cards can easily lower a person's credit score.

N.S

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A billing cycle is the fixed period of time between one credit card statement and the next. During the typical 28-31 day period, all purchases, payments, fees, and interest charges are recorded. Once the billing cycle comes to an end, the credit card company issues a statement summarizing the total balance owed, the minimum payment required, and the payment due date.

N.S