MINDS ON: Credit by Sunniva Ronzio

sronzio — 2024-11-15 18:06:45 UTC

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

Annual Percentage Rate (APR)

tasav5047 — 2026-04-27 16:19:09 UTC

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

Major purchases

2026-04-28 01:00:36 UTC

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

S.G

Credit cards I know

2026-04-28 01:01:15 UTC

I know already about Visa, Mastercard, and American Express

S.G

Advantage

2026-04-28 01:01:49 UTC

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

S.G

Disadvantage

2026-04-28 01:02:21 UTC

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

S.G

Monthly Statement:

2026-04-28 01:03:01 UTC

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

Major purchases

2026-04-28 01:58:48 UTC

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

Advantage

2026-04-28 01:59:39 UTC

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

Disadvantage

2026-04-28 02:00:13 UTC

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

Credit Cards

2026-04-28 02:02:16 UTC

Visa
Mastercard
American Express

Z.A

Credit Limit

2026-04-28 02:05:45 UTC

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

Major Purchanses

2026-04-28 15:54:30 UTC

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

Credit Cards Known

2026-04-28 15:55:04 UTC

Visa, Mastercard C.P

Advantage

2026-04-28 15:59:49 UTC

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

Disadvantage

2026-04-28 16:00:49 UTC

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

Annual Fee :

2026-04-28 16:01:33 UTC

"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

Major Puchases

2026-04-28 18:39:53 UTC

Purchasing a car, furniture, vacations or a home.

Credit cards I know

2026-04-28 18:40:44 UTC

Visa, mastercard and american express.

Advantages

2026-04-28 18:42:25 UTC

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.

Disadvantages

2026-04-28 18:44:20 UTC

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.

Terms- Credit Limit

2026-04-28 18:45:43 UTC

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

major purchases

2026-04-29 16:56:27 UTC

a car, house laptop phone or furniture

credit cards

2026-04-29 16:57:21 UTC

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

advantage of using a credit card

2026-04-29 16:59:03 UTC

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

disadvantage

2026-04-29 17:02:33 UTC

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

term and definition

2026-04-29 17:03:29 UTC

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

Major Purchases

2026-05-18 02:55:16 UTC

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.

Credit Cards

2026-05-18 02:55:53 UTC

Visa
Mastercard
American Express

Advantage

2026-05-18 02:57:16 UTC

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

N.S

Disadvantage

2026-05-18 02:58:25 UTC

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

Billing Cycle

2026-05-18 03:00:39 UTC

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