TIPS
KNOW
THE DIFFERENCE BETWEEN CREDIT CARDS, CHARGE CARDS & DEBIT
CARDS.
Credit
Cards:
These
provide you with instant access to cash and the ability to purchase
goods in person, over the telephone or online.
Credit
cards attract annual fees and interest. Some cards have interest
free periods. Some cards have a penalty payment for late payment,
or if you exceed your credit limit.
Credit
cards have a minimum monthly repayment or request where you
repay a percentage of the outstanding balance.
Charge
Cards:
There
is no pre-set spending limit on this type of card and there
are no interest charges since you have to pay your bill in full
each month.
If
you pay your bill even 2 days late you are charged interest
for a whole month on your next statement.
You
can accumulate airmiles and bonus points with all types of charge
cards.
Debit
Cards:
Debit
cards withdraw money from your bank account at the time of purchase.
There
is no bill at the end of the month and there are no interest
charges.
You
do not get airmiles or bonus points for purchases made with
a debit card.
GUARD
AGAINST FRAUD WITH YOUR CREDIT AND CHARGE CARDS.
Do's:
*
sign your card on receipt
*
carry cards separately from your wallet
* keep record of account numbers
* save receipts to compare with statement
* open bills promptly
* reconcile acounts monthly
* report questionable charges in writing to cardissuer
* report lost and stolen cards immediately
Dont's:
*
lend your card
*
leave cards and receipts lying around
* sign blank receipts
* draw a line thru blank spaces above "total"
* write your account number on a postcard
* give your card number over the telephone unless
you know the company
Add
us to your favourites!
SECURITY
Cards
on this site are for USA applicants only.
