Cash, Loans, Debts, and Promises

Cash, Loans, Debit, Promises: Lesson 3

Credit Cards: At 18, You’ll Get Offers For Cards. It’s Too Easy.

  • Credit cards are not the same as cash or a debit card.
  • Credit cards add interest costs to the things you buy if you don’t pay the whole balance off every month.
    • Some cards charge interest, even if you pay the balance in full monthly.
    • Interest rates might be very high – especially if you use the card to get cash advances.
  • Credit cards might have annual fees.
  • Credit cards used correctly can help you establish a great credit rating, or can make life difficult if you establish a terrible one!
  • Careful what you ask for: they can be easy to get, but cancelling a credit card can hurt your credit rating.
  • A lost credit card must be reported right away to limit the amount of spending you are responsible if it is found by someone who uses it.
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