Understanding_a_Credit_Card_Statement_2.6.3.A2.pdf

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Unformatted text preview: Page | 19 2.6.3.A2 Understanding a Credit Card Statement Total Points Earned Total Points Possible Percentage Name Date Class Jake Clifford 5/18/17 3rd Directions: Refer to the credit card statement to answer the following questions. Section What type of information is Why is this section important to in this section? review/understand? Summary of Account Activity Overview of all basic info for the credit card You can monitor all the fraudulent activity to ensure the security of your account. Payment Information Total new balance, the minimum payment amount. Late Payment Warning States additional fees and the higher interest rate that may be applied. Minimum Payment Warning How much you owe, and the total payments. Warn you before you will owe additional amounts of money Warning; including the estimated time of pay off, and minimum amount of payment per month This will keep Notice of Changes to Your Interest Rates Other changes to Your Account Terms Transactions Cardholders triggers the penalty ARP, they must notify if they change it Cardholders must be notified of changes made to account fees, etc. A list of transactions on the account that have occurred Fees and Interest Charged Credit Cards must list ALL fees Year‐to‐Date Totals Total amount of the fees you paid Interest Charge Calculation A summary of interest rates on the different types of transactions you on track to pay off your amounts on time and with out fees. This could be important if you can no longer afford to pay, or it is just to high for budgeting You may receive fees, and if not this you wont know what they are There may be incorrect amounts, deposited/withdrawed from your account and you must see them to fix them. Without knowledge of the fees you may be in bad standing with the company and owe more $ then expected Keeps track of all the fees you paid to the company so you don't pay twice or extra You can compare interest rates on different objects/prices Andrew has come to you and voiced his concerns about having a credit card. He is considering getting rid of his credit card. As a financial advisor, you understand that credit cards are financial tools that can be used or abused. What three pieces of advice would you give Andrew? 1. Pay off all the debt 2. Limit your self to smaller spending amounts 3. Don't spend money you don't have and don't just buy because you might/are expecting money © Take Charge Today – August 2013 – Understanding Credit Cards Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ...
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  • Fall '13
  • Bollen
  • Payment, Credit card

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