Navigating the World of Credit Cards

This month, our free webinar will cover different types of credit cards, how to read your statement, and how to deal with credit card debt. Using plastic for your purchases can be great – or it can severely damage your finances. We’ll cover the good, the sad, and the costly:

Interpreting your credit card statement

One of the most difficult parts of being a credit card user is interpreting all the lingo the company throws at you. How much do you really owe? What do all the different numbers mean? When does it all have to be dealt with?

No matter which type of credit card you have, understanding your statement will help you prevent credit card debt and enhance your financial planning. Here are a few terms you should know.

Annual percentage rate (APR)

This percentage is applied to the balance you carry over each month. It’s the interest you pay on what you owe. Basically, this means you’re paying to borrow the money you used during the month.

When you’re shopping around for cards, try to get the lowest APR possible. You pay for the privilege of charging, but a lower interest rate means paying less.

Minimum payment due

If you can’t pay your full balance, you must at least pay this. Your minimum payment due is the smallest amount you can pay without incurring any late fees. This number may change depending on how big your balance is, so don’t count on it always remaining the same.

Payment due date

This date is the same every month. You must pay at least the minimum payment due on this day. If you fail to pay anything, you will get hit with a late fee. This is also when your interest rate will be applied to your current balance (if you’re carrying any of it over).

We’ll go over these terms more in the webinar, along with some other credit card facts and figures. Here’s a sneak peek:

Credit Cards Webinar Infographic

To learn more about your statements and which credit card type works for your lifestyle, tune in to the webinar on Wednesday, November 11.

Written by :
April Lewis-Parks [email protected] Director of Education and Corporate Communications

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April Lewis-Parks
Director of Education and Public Relations

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1-800-728-3632 x 9344