Credit Cards - Evaluating Competing Credit Card Offers by Dominic Basile

What is a Credit Card?

dominicbasile4 — 2024-11-25 02:11:08 UTC

Credit card offers are different offers from a banking institution like CIBC that will offer you different cards that will incentives you to spend money. The offers can be something broad like cash back or something small like points, The credit cards can also be different from the spending power they give you, the interest rate that is set for that card, and yearly or monthly fees you have to pay just for owning one. Credit cards are a great tool to have and you need one to be able to grow your credit if you want to be approved for a car, house, ect... But banks don't tell you about the bad things that could happen when you find yourself with that card. The following posts will help you make a better decision when picking a card.

Website #1

dominicbasile4 — 2024-11-25 02:20:30 UTC

Before you even get a chance to get a credit card there is some things that you have to know about, first off you must be over the age of 18 in order to be able to obtain a credit card. You also have to be a part of an establishment that would allow you to get a credit card. After that you must apply for one once you apply then you get to see all of the different offers picking an offer is the hardest part. and I will explain why, it is hard because once you obtain that credit card its a good idea to have it for some time and not cancel it because growing credit is a number one priority so make sure that you are willing to pay any fees that come with the credit card you are picking.

Website #2

dominicbasile4 — 2024-11-25 02:30:48 UTC

Figuring out what type of credit card you will be offered is a big part of deciding what one you car going to pick. There are three main rules when picking a credit card, rule number one are you using this for personal use or business, some cards are better if you have your own business the limit is higher and typically the interest isn't as high but a personal one will have lower limits more perks but also higher interest. Rule number two are you okay paying for annual fees? if you are looking for a starter card and aren't looking to spend money on fees banks will usually have a card like this that they can offer you, typically there isn't much too them and the bonuses you can get aren't as good but for just starting out its good enough. Rule number three make sure you are okay with the interest rate some cards can have an interest rate of up to 25% and if you miss a payment they will charge you interest on what you have on that card.

Website #3

dominicbasile4 — 2024-11-25 02:40:57 UTC

There are so many different credit cards to pick from but here are some of my favourites. The student credit card that has no annual fee is a good pick that allows you to start growing credit but doesn't hurt you will all the hidden fees you might run into with others. The second one is a visa that has a 0% interest rate for up to ten months, this card can allow you to buy what you need too and buy the necessity that may be out of reach but wont penalize you for not being able to pay it back on time. The last card I recommend is any card that allows you to travel, there is lots of cards that can help you with travel and help you collect points for free flights and hotels these types of cards can be very good to certain people that travel frequently

Website #4

dominicbasile4 — 2024-11-25 02:50:54 UTC

There are so many different companies to pick from, some better than others and its a hard choice to make when it comes to that point but the link I have posted above should help with some clarity if a Mastercard is better for you or a Visa as well as American Express and Discovery all are good picks of cards but its important to pick the right one for you.

Intro

yaseenjr80 — 2024-11-25 03:16:41 UTC

Hello and welcome to this padlet created by Dominic and Yaseen. Our padlet is is about Credit Cards and evaluating competing Credit Card Offers.

Topics this padlet covers are:

-What Are Credit Card Offers?

-How credit Cards Work

-Factors to Consider

-Different Types of Credit Cards

-Different Companies.

Video # 1

yaseenjr80 — 2024-11-25 15:18:05 UTC

The video discusses various types of credit cards designed for specific purposes. It highlights how different cards cater to unique needs, such as rewards cards for earning points or cash back, travel cards for perks like airline miles and hotel discounts, or business cards tailored for company expenses. Additionally, it touches on secured credit cards for building credit and student credit cards aimed at young adults starting their financial journey. Choosing the right credit card depends on personal goals, spending habits, and financial priorities, ensuring users maximize benefits while managing their credit responsibly.

Image #1

dominicbasile4 — 2024-11-25 15:43:12 UTC

In the image above these are the most popular banking institutions in Canada that almost everyone uses. As you can see there are so many banks to pick from and they all have different credit cards then each other. TD and RBC are two of the top choices for most people.

Video # 2

yaseenjr80 — 2024-11-25 15:43:37 UTC

Having multiple credit cards and leveraging rewards programs can save hundreds annually, with perks like Capital One Venture Rewards' 75,000 miles or Chase Ink Business Unlimited's $900 cash back. While the average American holds four credit cards, carrying balances without full monthly payments can harm credit scores and lead to significant interest costs. In late 2022, U.S. credit card debt hit $986 billion, according to the Federal Reserve Bank of New York. For those in debt, high-interest rates outweigh rewards. Responsible users, paying balances in full, typically save $300-$400 yearly. Savings depend on spending habits and strategic card use.

Image #2

dominicbasile4 — 2024-11-25 21:05:53 UTC

I feel like this image can give you a good representation of how many different credit cards are out there, this can show you how difficult it is to make a decision on what card to pick. I feel like this image can show people the different branches of banks in Canada that will offer you hundreds of different credit cards.

Video #3

yaseenjr80 — 2024-11-25 22:03:01 UTC

This video highlights how a couple maximized their credit card benefits to travel for free by taking advantage of lucrative rewards offers. Many credit cards offer sign-up bonuses, points, and travel-related perks, such as free flights and hotel stays. By strategically using these cards for everyday purchases and paying off their balance in full each month, the couple accumulated enough points to fund their trips. This type of offer is available with various credit cards, especially travel-focused ones, allowing cardholders to earn significant rewards that can offset travel expenses. However, this approach requires responsible credit management to avoid costly interest charges.

Video#4

yaseenjr80 — 2024-11-25 22:05:35 UTC

This video explores how one individual successfully improved their credit score, enabling them to qualify for additional credit cards and make significant purchases. The strategy included practices like paying bills on time, keeping credit utilization low, and maintaining a mix of credit types. Regularly monitoring their credit report for errors and addressing them promptly also played a role. By building a strong credit history and responsibly managing accounts, they gained access to better financial opportunities, such as higher credit limits and lower interest rates. These efforts illustrate the importance of good credit management for long-term financial flexibility and growth.

Reflection

yaseenjr80 — 2024-11-25 22:58:05 UTC

1. What did you learn about your topic that surprised you the most?

I realized that credit cards involve much more than just swiping and paying. A good credit card provider, a strong credit score, and understanding the benefits and rewards offered are key factors to maximizing their value. This includes taking advantage of cashback, travel perks, and sign-up bonuses, while also managing payments responsibly to avoid debt. Learning how to use credit cards strategically can improve financial health, increase savings, and provide additional opportunities for convenience and rewards.

2. Provide a real-life example of how this topic is relevant or interesting for you.

This topic is relevant to me as when I was looking for a credit card I was looking for one with no annual fee and that had some cash back.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

I would say after learning more on credit cards I would say Research which card best suits you. As Cards with air miles for example is better for someone who travels a lot.