Credit Cards

• Money spent that you do have

• Linked to a checking or savings account

• Minimal to no fees

Debit Card

• Money spent that you do not have

• Must be paid back

• Interest charged

Credit Card

Is a credit card bad?

• Depends who you ask

• Depends how it is used

  • If used correctly, NO!

  • But there can be serious consequences if used incorrectly

Different Credit Cards for Different Uses

• Cash back Cards

• Travel Rewards Cards

• Secured Credit Cards

• Student Credit Cards

• Store Credit Cards

• Earn points to redeem for travel

• Helps pay for airfare or hotels

Travel Cards

• Earn a percentage of the money you spend back

• Usually applied to your bill

Cashback Cards

• Easier to get approved for

• Relevant benefits such as 1% cashback

Student Credit Cards

• Pay up to your credit limit in advance

• Advance payment is kept as collateral

• Pay your monthly payments

Secured Credit Cards

Store Credit Cards

• Can only be used at the store affiliated with the card

• Some allow you to use anywhere

• May provide store discounts and shopper rewards