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Credit Cards Are Not a Walk in the Park

Released on October 13, 2016

The Financial and Consumer Affairs Authority (FCAA) is offering credit card advice to students to help them responsibly use their first credit card.

“Abusing a credit card can wreak havoc on your finances and credit rating,” FCAA Consumer Credit Division Director Cory Peters said.  “Equipping students with smart credit card tips can potentially help keep them out of trouble.”

It’s important to consider options when selecting a credit card as not all cards are the same.  Interest rates, annual fees and rewards vary between cards.  Add-ons, such as insurance also vary; so make sure to understand the costs and benefits before signing up.

 

When getting a credit card students should keep the following tips in mind:

  • Pay your balance on time and in full - if you are able to pay off the full balance and haven’t taken any cash advances, you can actually avoid interest charges entirely.
  • Avoid cash advances - there is often a cash advance fee, and interest on cash advances is charged immediately.
  • Don’t share your PIN - if you tell someone your PIN and something happens to your credit card account, you are on the hook.
  • Read your statement – carefully read through your recent transactions to make sure they are accurate.
  • It’s not free cash – having a credit card does not mean you have more money.
  • If you can’t afford to pay off your card, choose future purchases wisely.
For more information on credit card usage, visit www.fcaa.gov.sk.ca/creditcardtips.

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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

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