chap 8 b - Credit Cards Retail (or proprietary) credit...

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Credit Cards Retail (or proprietary) credit card: a credit card that is honored by a specific retail establishment Retail stores and gas stations Limits purchases to a single merchant Credit limit—maximum amount of credit allowed Overdraft protection—allows purchases beyond credit limit Annual fee Incentives to use the card Credit Cards (cont’d) Prestige cards: credit cards, such as gold or platinum cards, issued by a financial institution to individuals who have an exceptional credit standing Grace period—period between time of purchase and when payment is due Cash advances Usually charge high interest plus a fee Financial Planning Online: Eliminating Credit Card Debt Go to http://cgi.money.cnn.com/tools/ debtplanner/debtplanner.jsp This Web site provides estimates of your future credit card payments based on your credit card balance, interest rate and time in which you want it paid Credit Cards (cont’d) Financing
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chap 8 b - Credit Cards Retail (or proprietary) credit...

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