Mayor Harris: Guide To Credit Cards - Preeceville's Main Street with the Mayor Garth Harris for Thursday September 26th 2019 8:35 am

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Preeceville's Main Street with the Mayor Garth Harris for Thursday September 26th 2019 8:35 am

With GX94's Craig Wallebeck > see him @ http://www.gx94radio.com/craig-Wallebeck

This week we focus on: Guide To Credit Cards

A Student’s Guide To Credit Cards

Released on September 25, 2019

"The Financial and Consumer Affairs Authority (FCAA) is offering credit card advice to students. When used successfully, a credit card can build a good credit score which can help when it comes to buying a large life purchase, such as a car or house.

“Ensuring that you regularly read your credit card statements and making your minimum payments on time are great practices when owning a credit card,” Consumer Credit Division Director Cory Peters said. “It’s also really important to not share your PIN or lend someone your card. You should keep your credit card information safe and solely yours.”

Keep the following tips in mind when getting a credit card:

Always make your minimum payments on time – at the very least, make the minimum payment by the due date. If possible, pay off the full balance on time to avoid interest charges altogether.
Don’t share your PIN – if something happens to your account and you’ve given someone your PIN, you will be paying the price.
Avoid cash advances - there often is a fee associated with this and interest is charged immediately.
Read your statements – make sure your transactions recorded in your credit card statements are accurate and check for any unfamiliar charges. Fraudsters can sometimes gain access to your card without you noticing it.
It’s not free cash – if you cannot afford to pay off what you are committing to spend on your credit card, think twice before making the purchase.

Not all credit cards are the same. Different cards offer different interest rates, fees, limits and rewards. Make sure to research which one is the right fit for you.

For more helpful information on credit card usage, visit http://fcaa.gov.sk.ca/financial-literacy/youth-parent-educators/credit-card-tips. "

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For more information, contact:

Shannon McMillan, Financial and Consumer Affairs Authority, Regina
Phone: 306-798-4160 Email: shannon.mcmillan@gov.sk.ca

https://fcaa.gov.sk.ca/financial-literacy/youth-parent-educators/credit-card-tips

Credit Card Tips

Many people get their first credit card during their post-secondary education. When used correctly, credit cards can be very useful for students. They can help build a credit rating, allow you to buy necessary supplies online and can be used in emergencies.

However, when used improperly, credit cards can create large amounts of debt that can take years to pay off. If you want to make your credit card work for you and not the other way around, keep the tips below in mind.

Always Make Your Minimum Payment on Time

One of the best habits is to make your minimum payment on time and, if possible, pay in full. If you are always able to pay off the full balance and haven’t taken any cash advances, you can actually avoid interest charges entirely. If the amount on the card is too much to pay off all at once you may want to consider creating a monthly payment plan for yourself to follow until the entire balance is paid off. At the very least, always make the minimum payment by the due date.

It's important to know that being late or skipping payments will seriously harm your credit rating.

Don’t Share Your PIN

Do not share your PIN with anyone. If you tell someone your PIN or give someone your credit card and something happens to your credit card account, you are on the hook. You can be held responsible for any charges that are incurred and your credit card issuer could close your account.

Not All Credit Cards Are the Same

Take time to consider which credit card you want. Different cards have different interest rates, fees and penalties for not making the minimum payment. If you expect to be carrying a balance, it may be worth paying an annual fee for a lower interest rate. Keep an eye out for cards specifically designed for students and compare details like interest rates, annual fees, interest free grace periods and potential bonuses like loyalty programs.

When you have chosen your preferred credit card, make sure you read and understand the terms and conditions of your credit card agreement. It’s important you read the fine print so there aren’t any surprises.

Avoid Cash Advances

Avoid using your credit card to take cash out at the ATM or transfer money to your chequing account. Although this may be helpful in emergency situations, remember there is often a cash advance fee, and interest on cash advances is charged immediately.

Add-Ons: Make Sure You Understand the Costs and Benefits

Some cards offer add-ons such as balance protection insurance. Make sure you understand the costs and benefits of them.

Use the Card Appropriately

It’s important to remember that having a credit card doesn’t mean you have more money. Purchases need to fit within your budget. If your credit card balance keeps growing month-to-month, you’re likely overspending.

One of the most common mistakes people make with their credit card is using it to buy “wish list” items. If you find yourself at a checkout counter with your card getting ready to refresh your wardrobe with the latest fashions or to upgrade to a monstrous TV, take a moment to consider whether you’d be able to buy those things without the card. Though big-ticket purchases might make you happy in the short term, using a credit card to buy items you can’t afford is a slippery slope that often leads to large amounts of long-term debt.

Read Your Statement

Watch where you are spending money and carefully read through your recent transactions to make sure they are accurate and check for any fraudulent and unauthorized charges. Fraudsters can sometimes gain access to your card without you noticing it.

Monitor Your Spending

With mobile payment services being available through smart phones and watches, it’s easy to pay for items without physically using your credit card. However, being easy to use means it’s also easy to rack up charges. Make sure to monitor your spending so it doesn’t get out of control.

Youth / Parent / Educators

Learning about money early on in life can help you know how to make the right decisions about spending and saving for the future and to practice good financial habits that will last a lifetime.

Teaching Kids About Money: Info, tips, activities, tools and more to help you teach your kids and teens about money.
CanLearn: Information and tools to help you save, plan and pay for your post-secondary education.
Managing Your Cash During University: Learn all about saving, budgeting, staying out of debt, managing your student loans, and the cost of living on your own.
Budgeting: Transitioning from student life to working world.
Student Loans - Government of Saskatchewan: Learn all about the program, apply for a loan, and repay your loan.
Credit Card Tips - Credit score, interest rates, annual payments - read this guide before you sign up for a credit card.
Financial Consumer Agency of Canada - Financial information about managing your money, debt and borrowing as well as tools, calculators and educational programs.

Events:

Bingo 606 Harvard Preeceville Air Cadets Squadron Sponsoring Committee BINGO. Every Thursday at Club 60. Doors open at 7pm, first game starts at 8pm.

Culture Days The Preeceville Recreation Board is pleased to once again be doing a Culture Days event September 27, 2019. If you are interested in showing your culture, activities, entertainment and/or food please contact Andrea at 306-547-2810.