She must be sure there is
at least $135 in her bank account for the purchase
. She must check to see if any automatic payments are scheduled for her account. Freya realizes she does not have enough in her bank account to use the debit card.
What must Freya consider before using her debit card?
She must be sure there is
at least $135 in her bank account for the purchase
. She must check to see if any automatic payments are scheduled for her account. Freya realizes she does not have enough in her bank account to use the debit card.
What must Freya consider?
What must Freya consider before using her debit card? …
She must check the interest rate on the debit card
.
What 2 advantages are there to using a credit card check all that apply?
- Opportunity to build credit.
- Earn rewards such as cash back or miles points.
- Protection against credit card fraud.
- Free credit score information.
- No foreign transaction fees.
- Increased purchasing power.
- Not linked to checking or savings account.
- Putting a hold on a rental car or hotel room.
What 4 questions should you ask yourself before using credit to make a purchase quizlet?
Do I have the
cash
for the down payment? Do I want to use my savings for this purchase? Does the purchase fit my budget? Could I use the credit I'll need in some better way?
Which is considered a good credit practice?
Which is considered a good credit practice?
Pay more than the minimum amount that is due
. … This table can be used to organize Gigi's credit card balances and payments over 6 months. The annual percentage rate on the credit card is 14%.
Which is possible benefit of having a good credit history?
If you have a good credit score, you'll almost always qualify for
the best interest rates
, and you'll pay lower finance charges on credit card balances and loans. The less money you pay in interest, the faster you'll pay off the debt and the more money you have for other expenses.
Which information can be found on a person's credit report?
What Does a Credit Report Include? The information that appears on your credit report includes:
Personal information
: Your name, including any aliases or misspellings reported by creditors, birth date, Social Security number, current and past home addresses, phone numbers, and current and past employers.
What it means to be financially responsible?
Financial responsibility means
being prepared for the unexpected
. Most experts agree that you need to be able to support yourself financially for at least six months without an income.
Which person is creditworthy?
Cambridge Dictionary defines creditworthiness this way: “Someone who is
creditworthy has enough money or property for banks and other organizations to be willing to lend them money
.”1 But you must also demonstrate that you know how to responsibly handle your money, your property, and any debts you take on.
What are 4 advantages of using credit?
- Paying for purchases over time. Credit cards give you the ability to pay for a purchase using your card today and pay off your credit card balance on a future date. …
- Convenience. …
- Credit card rewards. …
- Fraud protection. …
- Free credit scores. …
- Price protection. …
- Purchase protection. …
- Return protection.
What are the disadvantages of credit card?
- Paying high rates of interest. If you carry a balance from month-to-month, you'll pay interest charges. …
- Credit damage. …
- Credit card fraud. …
- Cash advance fees and rates. …
- Annual fees. …
- Credit card surcharges. …
- Other fees can quickly add up. …
- Overspending.
Is credit card good or bad?
Credit cards are neither good nor bad
. They are financial tools that must be used with care. Cards can help or hurt your finances if you don't use them responsibly. … At the same time, credit cards used properly offer a convenient payment method that can build credit and earn rewards for users.
What are the 5 C's of credit?
Familiarizing yourself with the five C's—
capacity, capital, collateral, conditions and character
—can help you get a head start on presenting yourself to lenders as a potential borrower.
What are 5 examples of people or organizations who can request to see your credit report?
- Creditors and potential creditors (including credit card issuers and car loan lenders). …
- Mortgage lenders. …
- Landlords. …
- Utility companies. …
- Student loan lenders. …
- Insurance companies. …
- Car insurance companies. …
- Employers.
Which is an example of using credit?
You might use your credit card
to buy $300 worth of new tires
and another $200 to fix a dent, for example; you might then be able to sell the car for $4,000, increasing your take by $500.
